Volkswagen, China’s Gotion Deepen Europe Battery Partnership
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Volkswagen Group’s battery unit PowerCo SE and Chinese battery maker Gotion High-tech Co. Ltd. (002074.SZ) will establish three joint ventures in Spain, Slovakia and Morocco to expand battery production.
The companies announced the agreements Monday. In Valencia, Spain, PowerCo’s gigafactory under construction will be transferred to a joint venture, with PowerCo holding 51% and Gotion 49%. The site is planned as Volkswagen’s European production hub for lithium iron phosphate (LFP) batteries, a lower-cost technology widely used in electric vehicles (EVs).
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