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| Name | Symbol | Market | Type |
|---|---|---|---|
| Umicore SA (PK) | USOTC:UMICY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.02 | -0.79% | 2.52 | 2.38 | 2.64 | 2.53 | 2.50 | 2.53 | 250,212 | 22:00:02 |
From Jan 2022 to Jan 2025
By Pierre Bertrand
Umicore SA and Volkswagen AG's battery company PowerCo have established a joint venture to produce battery materials in Europe, they said Monday.
The companies said 3 billion euros ($2.91 billion) will be invested in the Brussels-based venture, which aims to have a production capacity for 2.2 million fully electric cars by 2030.
Production is scheduled to start in 2025 but a location for the production site hasn't yet been found, the German car maker and the Belgian chemicals and recycling group said.
The joint venture will supply a large part of PowerCo's European gigafactories and secure Umicore's access to European demand for electric-vehicle battery materials.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
September 26, 2022 03:25 ET (07:25 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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