Volkswagen Group, PowerCo and Gotion deepen strategic partnership

Volkswagen Group, PowerCo SE and Gotion High-tech have agreed to deepen their strategic partnership and jointly accelerate the development of a regional battery supply chain for Europe. The partners agreed on establishing three joint ventures at the Valencia (Spain), Šurany (Slovak Republic) and Kenitra (Morocco) sites for the industrial production of LFP battery cells and cathode material. Separately, Volkswagen Group has announced that it has entered into definitive agreements to sell 5.3 % equity stake in Gotion to optimize equity structures and support long-term strategic synergies.