VW says it hopes to eventually produce 240 GWh of battery capacity. | Image: VW

Volkswagen said it would invest $20.38 billion to build electric vehicle batteries, a move the company says will create 20,000 jobs and generate $20.38 billion in annual sales. The automaker will create a new company called Power Co to oversee the vast effort as VW races to secure enough capacity, materials, and supplies to power its EV ambitions.

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