Gotion Invests $1.25 Billion in Volkswagen Battery Plant in Spain
8 Articles
8 Articles
Gotion enters Sagunto's LFP plant with 49%. PowerCo maintains the majority and places in 2027 the start of a first phase of up to 30 GWh per year.
Gotion invests $1.25 billion in Volkswagen battery plant in Spain
German automaker Volkswagen and Chinese battery manufacturer Gotion High-Tech are expanding their cooperation in electric vehicle battery production. Gotion will invest €1.1 billion (around $1.25 billion) in the PowerCo plant in Valencia, Reuters reported. Following the transaction, the Chinese company will hold a 49% stake in the factory, while Volkswagen will retain a majority stake.
Volkswagen strengthens its partnership with Chinese Gotion to produce LFP batteries in Europe through joint ventures, yielding 49% of the Spanish Gigafactory
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Gotion’s landing in Volkswagen’s battery gigafactory with the purchase of 49% of the property is the latest move in the Chinese companies’ strategy to circumvent tariffs on electric cars produced in the Asian country. Gotion has entered Sagunto (Valencia) to burst the European electric car market with ultra-fast loads that allow to move from 10% to 80% in just 9 minutes. The Asian multinational is the fifth world producer of batteries and suppli…
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