German automaker Volkswagen and Chinese battery-cell manufacturer Gotion plan to establish three battery joint ventures in Spain, Slovakia and Morocco as part of cooperation involving investments worth billions of euros, with implementation remaining subject to regulatory approvals.
Projects in Valencia, Surany and Morocco
The plan includes bringing PowerCo’s battery-cell plant, Volkswagen’s battery-focused unit, currently under construction in Valencia, Spain, into a joint venture. Gotion’s plant in Surany, Slovakia, will also be converted into another joint venture.
In Morocco, the partners plan to build a new complex to manufacture the raw materials needed to produce battery cells, with the two companies jointly managing the three projects.
Investments and stakes through 2030
PowerCo plans to invest a total of about $536 million "470 million euros" through 2030 in the Slovakian and Moroccan sites, with the aim of acquiring a 49% stake in each.
Gotion, meanwhile, will pay about $1.25 billion "1.1 billion euros" to acquire a 49% stake in the Spanish site in Valencia as part of the companies’ new cooperation arrangements.
