Volkswagen, Gotion deepen battery ties in Europe as VW sells 5.3% stake
The partners plan $3.66 billion in investment and 37.5 GWh of annual battery capacity as Volkswagen deepens its supply chain with Gotion.
- On Monday, Volkswagen Group announced an expanded partnership with Chinese battery maker Gotion, planning to invest $3.66 billion to establish three production lines in Europe and North Africa.
- Volkswagen aims to secure a "European production hub" for lithium iron phosphate batteries, which the carmaker called "key technology for affordable electric mobility in the volume segment" as Europe currently lacks relevant production capacity.
- Under the deal, Gotion will pay $1.25 billion for a 49% stake in PowerCo's Valencia, Spain factory, while Volkswagen will spend around $535 million through 2030 for Slovakia and Morocco facilities.
- These plants will produce a "unified" prismatic cell designed by PowerCo, targeting 37.5 GWh of lithium-ion battery capacity annually for vehicles ranging from Volkswagen to Porsche.
- Efforts to establish LFP production outside of China are accelerating globally, with Stellantis and CATL building a 50-GWh plant in Zaragoza, Spain, while Ford licenses CATL technology for Michigan production.
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The development and production of battery cells for e-cars costs a lot of money. VW is now working more closely in Europe with a partner from China. How both want to benefit from this.
Circumstances for a battery factory that has benefited from major European and local funds
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abc
OKDIARIOThe Volkswagen Group, PowerCo and Gotion High-Tech have agreed to ‘deepen their strategic alliance’ through a ‘joint venture’ for the development and operation of the battery cell gigafactory currently under construction in Sagunto (Valencia) and thus strengthen their position as ‘a strategic hub in Europe for lithium-ferrophosphate battery technology (LFP)’. Thus, the Chinese manufacturer invests about €1.1 billion to take 49% of the gigafactor…
Europe's largest automaker and Chinese battery cell manufacturer Gotion are expanding their cooperation. A European production center for unit cells is to be established in Valencia, Spain. VW speaks of a "breakthrough".
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