VW announced it plans to build six battery factories across Europe by 2030, which Bloomberg estimates would cost about $29 billion.
The automaker is also making investments in unifying the design of its battery and in recycling precious metals.
And yet, VW will find it hard to beat Elon Musk.
“Tesla will likely maintain its broad EV leadership,” Ben Kallo, an analyst at Robert W. Baird, wrote in a report. Even after VW’s hours-long presentation Baird still sees Tesla as having the upper hand with regard to batteries.
Venkat Viswanathan, an associate professor at Carnegie Mellon University and an EV expert, also thinks Tesla’s drivetrains comprising both batteries and electric motors are four or five years ahead of the competition. They offer “the highest driving range for the same battery capacity,” he said.