Volkswagen announces Tesla Battery Day-like event, calls it 'Power Day'

Volkswagen has announced that it plans to have a 'Power Day' event on March 15 where the automaker intends to reveal its roadmap related to securing of battery cell supply. The event is similar to Tesla's 'Battery Day' event that was held in September last year.

While announcing the event, the company's CEO Herbert Diess wrote on LinkedIn that “it is not a car presentation" and the shared announcement featured a battery cell. It is expected that the event will highlight the company's battery plans so as to ramp up its electric vehicle production.

Battery technology is a significant part of the success of an electric vehicle and also helps accelerate the auto industry's transition to greener mobility. For example, Tesla's batteries give it an edge over other players in the segment. The EV giant's focus on the development of its battery tech has been central to its success.

With an aim to have 50% of its vehicles to be all-electric in US and China by 2030 and 70% in Europe, Volkswagen has issued long-term battery supply contracts with existing battery manufacturers including LG Chem , SK Innovation, and CATL. However, it has also started developing battery cells in-house in partnership with companies such as NorthVolt and QuantumScape.

Volkswagen's ID.3 and ID.4 crossover models, based on its MEB platform, are already out and about on the streets. In a further push to its electric ambitions, the company now plans to launch at least one new electric vehicle every year, starting with ID.6 in 2022, which will be made just for China. This will be followed by the ID.5 coupe-crossover in 2023 and the ID Buzz MPV in 2024.

Thus, development of battery cell technology has become even more significant for the company.