GOTION HIGH TECH GDR REGS

Volkswagen, through its battery unit Powerco, and Chinese cellmaker Gotion are forming three joint ventures in Valencia (Spain), Surany (Slovakia) and Morocco to develop and produce battery cells and materials. Powerco plans to invest around €470 million in the sites in Slovakia and Morocco by 2030 to acquire 49 percent stakes in each, while Gotion will contribute about €1.1 billion for a 49 percent stake in the Valencia plant. The plans are subject to regulatory approvals; the already running production in Salzgitter and the plant in St. Thomas are not affected. » More on golem.de

Volkswagen, its battery unit PowerCo and Chinese cell maker Gotion are creating three joint ventures in Spain (Valencia), Slovakia (Surany) and Morocco for joint battery production and precursor material manufacturing. PowerCo intends to invest around €470 million by 2030 in the sites in Slovakia and Morocco and will take 49 percent stakes in each; Gotion will pay about €1.1 billion for 49 percent of the Valencia factory. The aim is faster access to battery technologies, increased supply security — particularly cathode material outside China — and to accelerate cell industrialization in Europe; the agreements remain subject to regulatory approvals. » More on finanzen.net

The Chinese battery cell manufacturer Gotion plans to take a stake in Volkswagen’s battery factory in Valencia and cites an amount of €1.1 billion. In return, it is envisaged that Volkswagen will take stakes in Gotion plants in Spain, Morocco and Slovakia. PowerCo, Volkswagen’s battery cell subsidiary, initially declined to comment when asked. » More on wiwo.de