Volkswagen: VW is bringing Chinese partner into Spanish battery factory – and investing in two other plants
Gotion from China is investing €1.1 billion in a VW plant near Valencia. In return, VW's battery subsidiary Powerco is taking a stake in two factories. What the battery deal brings to both parties.
Volkswagen's battery subsidiary Powerco is set to partner with Chinese battery manufacturer Gotion on a new factory in Sagunt, Spain, near Valencia. The factory, which is expected to open next year, will have an annual capacity of 30 gigawatt-hours, enough to supply batteries for up to 500,000 electric vehicles. As part of the deal, Powerco will also take stakes in two Gotion projects in Morocco and Slovakia.
The total investment for the Sagunt factory is around 2.3 billion euros. This is Volkswagen's first China joint venture in Europe.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
