Million Invest in Two Plants: VW Forges Battery Alliance with China
4 Articles
4 Articles
China's high-tech specialist Gotion is joining the cell factory in Spain at EUR 1.1 billion. Further cooperation from VW is planned – and is expected to reach deep into the value chain.
VW needs batteries for its e-car offensive. The Group is now entering into a joint venture with Chinese manufacturer Gotion for production. The German automaker wants to invest hundreds of millions of euros in the coming years. China has even more money.
Gotion from China invests 1.1 billion euros in a VW plant near Valencia. VW's battery subsidiary Powerco is taking part in two factories in return.
Volkswagen and Gotion will invest more than €3,000 in three projects, with Spain as a key destination. A strategic advance for their batteries in Europe.
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