Continental, a German automotive trader company invests majority of its share in battery production to give a hard-hitting answer to its rivals located in Asia and the US, said Elmar Degenhart, chief executive of Continental.
The company specializes in delivering brake systems, powertrain, tyres, interior electronics, tachographs and vital components of the automotive industry. It stands on the fourth position in the world to manufacture and supply tyres.
We will not only ponder on producing innovative batteries but also the battery cells, Degenhart further added. The company will not be investing in previously produced lithium-ion batteries but will work for solid-state batteries this time. Its production may start by the end of 2024 or early 2025. The project needs a heavy investment of 3 billion euros that would supply 500,000 electric cars in a year.
Degenhart says, “Producing cost-effective and low energy consumption batteries for electric vehicles is our primary moto. Such batteries can help driving the cars even in absence of liquid electrolyte.” The Asian market is famous for delivering solid-state batteries for cars.
Hence, to overthrow these Asian countries Continental is making a rock-hard move. NEC, Panasonic, Samsung, LG, and CATL are some of the manufacturers in Asia involved in delivering the best quality batteries.
Continental is foreseeing to set up three plants one in Asia again, North America and Europe. Germany cannot be a good option, as electricity prices there have reached the sky length. The company headed a meeting with group of executives coming from the mechanical, chemical and automotive background.
If they get a helping hand from EU in terms of investment, then conquering these plans is not a big deal for Continental. LG and Samsung have decided to set up their respective plants in Poland and Hungary where rates of electricity had fallen down by 50 percent.