Volkswagen China to Form Joint Ventures for EV Batteries
March 21 2022 - 3:38AM
Dow Jones News
By Cecilia Butini
Volkswagen AG said Monday that its Chinese subsidiary Volkswagen
Group China has signed agreements with two local companies to set
up joint ventures focused on the raw-material supply chain for
electric-vehicle batteries.
The German car maker said that the agreements are with Huayou
Cobalt and Tsingshan Group, and that they will focus on the
production of nickel and cobalt as raw materials. The two joint
ventures will be set up in China and in Indonesia, Volkswagen
said.
According to the company, the projects are set out to improve
cost efficiency and secure a sustainable supply chain of battery
raw materials, targeting Volkswagen's aim to reduce costs by 30% to
50% on each battery.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
March 21, 2022 03:23 ET (07:23 GMT)
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