2023-03-08 07:13:23 ET
Volkswagen ( OTCPK:VWAGY ) is putting its designs on European battery plant buildouts on hold as it awaits an EU response to the Inflation Reduction Act.
A person familiar with the matter told The Financial Times on Wednesday that it is prioritizing efforts in North America based upon the subsidies offered. The company expects that it could reap over $10B in subsidies given its ambitious plans for battery production.
While the German automaker said it is still evaluating potential locations for cell factories in Central and Eastern Europe, reports indicate it is awaiting details on potential subsidies offered by the EU Green Deal.
Read more on the company’s latest earnings results .
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Volkswagen pauses European battery plant plans, eyes IRA benefits in US