Volkswagen is considering construction of a multi-billion-euro battery factory, the German business newspaper Handelsblatt reported, citing unnamed company sources.

If VW follows through, it could reduce its dependence on the Japanese and Korean firms that dominate the battery market – and also send a strong signal that it’s serious about its much-hyped electrification plans.

According to Handelsblatt, VW CEO Matthias Müller and his team are working on a new strategy to move a million EVs over the next 10 years, and the company’s non-executive supervisory board will consider the plan before the next annual meeting on June 22.

Sources said the company’s executive board, as well as unions and major shareholders, were likely to approve the strategy.

“We want to launch a major initiative, one that will put us at the top of the industry,” said an unnamed insider.

Source: Handelsblatt via Electrek