The German automotive company Volkswagen and the Chinese company Gotion High-tech have signed a strategic cooperation agreement for building a battery factory at the site of Volkswagen Group Components at Salzgitter.
Herbert Diess, president of the Board of Directors of Volkswagen, explained that together with Gotion High-tech they aim at the progress of the battery cell technology and at becoming one of the first three major “manufacturers in the world”.
In this scenario, Volkswagen foresees to create six gigafactories in Europe with a combined production capacity of 240 gigawatt hour to assure the supply of battery cells.
In May 2020, both partners signed binding agreements that Volkswagen (China) Investment Co. Ltd. will become the largest shareholder in Gotion High-Tech, with 26 percent of the shares, through a buy in of around €1.1 billion.
Thomas Schmall, Group Board Member for Technology and CEO of Volkswagen Group Components: «Gotion High-Tech is an accomplished cell producer recognized for innovative quality work. I look forward to scaling up battery tech together, starting at Salzgitter. With this, we make the central customer-relevant car component even better and e-mobility still more affordable». Mr. Zhen Li, Chairman and CEO of Gotion High-Tech: «With our cutting-edge battery technology and rich experiences in battery manufacturing, Gotion High-Tech will fully support Volkswagen Group’s electrification strategy and together promote the carbon neutral transition by 2050 to completely change human society’s dependence on fossil energy. I firmly believe this cooperation will be a successful model of Sino-European Trade and Economy, as well as of the global new energy strategy».
