Volkswagen's PowerCo and Gotion to Invest €3.2B in Battery Joint Ventures Across Europe and Morocco

Published: Sep 30, 2026 19:09 (GMT+8)

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Volkswagen Group announced on September 28 that its battery subsidiary PowerCo and Gotion High-Tech plan to establish three joint ventures in Spain, Slovakia and Morocco, with total investment of about EUR 3.222 billion (EUR 1.598 billion from the Gotion side and EUR 1.624 billion from the PowerCo side). Valencia, Spain will host a 29.1 GWh-per-year cell project costing about EUR 2.262 billion, held 51 percent by PowerCo with the Gotion side injecting about EUR 1.1 billion for 49 percent. The Surany, Slovakia plant becomes an 8.4 GWh-per-year joint venture with about EUR 480 million of investment, 51 percent Gotion-owned, serving EV and battery storage applications. Kenitra, Morocco will add a plant producing 100,000 tonnes per year of LFP cathode material for about EUR 480 million, majority-owned by Gotion. LFP cells use copper foil as the anode current collector, so the combined 37.5 GWh of planned capacity will add to European local copper foil demand once commissioned.

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