October 25, 2018 14:29 CET
FRANKFURT — Volkswagen Group is exploring a European partnership in the area of mobility services with Waymo, Manager Magazin said.
VW CEO Herbert Diess wants to spend 12 billion euros ($13.70 billion) for a 10 percent stake in Waymo, the robotaxi company owned by Alphabet but Diess lacks the backing from the supervisory board to spend such an amount, Manager Magazin said.
Separately, the report said VW also plans a multi-billion euros investment to produce battery cells with South Korea’s SK Innovation. VW needs four Gigafactories to make enough batteries for the electric cars it is planning to produce under its I.D. subbrand, the magazine said.
Diess also aims to have a return on sales of 8 percent by 2025 for the group’s core VW brand, the publication said.
Volkswagen declined to comment on the report.
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