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.

Power Co will manage VW’s entire battery supply chain, from research and development of new technologies to the mining of the raw materials to end-of-life recycling. The news was announced at a groundbreaking ceremony for the company’s first battery plant in Salzgitter, a city in Germany’s Lower Saxony.