Just 6 weeks ago, Volkswagen boss Matthias Müller stunned the automotive world when he revealed the company had placed orders for EV batteries and components worth a total of $25 billion. The battery purchase is spread among three companies — Samsung SDI, LG Chem, and Contemporary Amperex (aka CATL).
Now, Müller’s star is in eclipse inside the Volkswagen boardroom and new head man Herbert Diess has doubled down on Müller’s pledge. At the company’s annual shareholder meeting in Berlin on May 3, Diess told investors his company has signed orders for $48 billion worth of batteries, according to a report from Fortune. That’s double the amount touted just a few weeks ago.