Volkswagen plans to produce only zero-emission vehicles by 2040.
Hours ago, the company announced three key partnerships related to the production of batteries for electric vehicles, writes Yahoo Finance.
One agreement is with the Belgian company Umicore, which specializes in the development of clean technologies, recycling and batteries for electric vehicles. The other partnerships are with 24M Technologies and Vulcan Energy Resources.
The Volkswagen joint venture with Umicore provides key components of lithium-ion batteries to European carmaker factories. The joint venture will have an initial production capacity of 20 gigawatt hours and will increase to 160 gigawatt hours by 2030. The materials produced will go to VW’s planned Gigafactory in Salzgitter, Germany.
Volkswagen also announced that it is investing in battery production, but did not disclose the amount of its investment.
All three agreements are part of Volkswagen’s large-scale plan to invest 30 billion euros in the production of electric vehicles. In Europe alone, Volkswagen will build six giga battery factories by the end of the decade.
Earlier this month, General Motors also announced plans for a joint venture with South Korean POSCO Chemical to build a new facility in North America by 2024.
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