Volkswagen and Gotion commit $3.7B to European battery hubs
The three-factory partnership covers cell plants in Spain and Slovakia alongside cathode production in Morocco to bypass European Union origin and carbon rules.
Volkswagen Group and Gotion High-tech agreed Sept. 28 to invest €3.22 billion ($3.67 billion) across three joint ventures in Spain, Slovakia and Morocco to build a regional electric vehicle battery value chain.
The joint investment divides capital between cell factories and cathode processing. Volkswagen battery subsidiary PowerCo will provide €1.624 billion ($1.85 billion) in phased payments, while Gotion will contribute €1.598 billion ($1.82 billion), Gotion said in a filing.
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