Volkswagen Eyes Stake In Canadian Mining Business: Report

by Shivani Kumaresan, Benzinga Staff Writer

August 23, 2022 7:38 AM | 1 min read |

Volkswagen AG VWAGY is planning to enter the mining business in Canada, Reuters reported, citing Handelsblatt daily.
The move will ensure the automaker's raw material supply for battery production.
"We are not opening any mines of our own, but we want to acquire stakes in Canadian mines and mine operators," the report quoted Thomas Schmall.
A memorandum of understanding (MoU) is expected between Volkswagen and the government of Canada.
Price Action: VWAGY shares closed lower by 7.12% at $17.99 on Monday.
Photo Via Company