Share Name Share Symbol Market Type
Volkswagen AG XE:VOW XETRA Ordinary Share
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  6.35 3.91% 168.65 168.70 168.65 169.25 163.45 163.60 35,908 16:45:00

Volkswagen's PowerCo, Umicore Establish JV for Battery Materials

26/09/2022 8:40am

Dow Jones News

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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


(END) Dow Jones Newswires

September 26, 2022 03:25 ET (07:25 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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