VW and Umicore set up joint battery materials company
Created: 09/26/2022, 09:50 am
By the end of the decade, VW wants to work with partners to produce electric car batteries in six European factories.
© Julian Stratenschulte/dpa
The battery division of the Volkswagen Group and the Belgian materials technology group Umicore are founding a multi-billion joint venture for battery materials.
The joint venture of the VW subsidiary PowerCo and Umicore based in Brussels wants to invest three billion euros and deliver materials for 2.2 million electric cars annually at the end of the decade, as the companies announced on Monday in Salzgitter and Brussels.
Salzgitter/Brussels - With the battery components, the companies want to cover a large part of the requirements of Volkswagen's planned European battery cell factories.
The main focus is on battery cathodes and primary materials for 160 gigawatt hours of cell capacity.
By the end of the decade, VW wants to work with partners to produce electric car batteries with an annual output of 240 gigawatt hours in six European factories.
dpa
