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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Volkswagen AG | XE:VOW | XETRA | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 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
Volkswagen (XE:VOW)
Historical Stock Chart
From Aug 2022 to Feb 2023
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)
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