Volkswagen and PowerCo SE launch site search for gigafactory in North America
The Volkswagen Group and its battery company PowerCo SE founded in July 2022 intend to accelerate the build-up of their global battery business through rapid expansion to North America. Volkswagen CEO Oliver Blume and the Canadian Minister for Innovation, Science and Industry, François-Philippe Champagne, signed in Wolfsburg today an Addendum to the non-binding Memorandum of Understanding (MoU) of August this year to identify suitable sites for a cell factory in Canada. The two parties will continue their cooperation in the areas of battery value creation, raw material supply chains and cathode material production which had been established in August. Furthermore, PowerCo and materials technology group Umicore have agreed to investigate a strategic supply agreement on cathode material for North America. In September, the two companies had announced that they would cooperate in Europe by forming a joint venture for precursor and cathode material production.
Volkswagen Group CEO Oliver Blume: “Battery technology is key for our strategy ‒ which is why we are forging ahead with the expansion of battery business at full speed. Canada is one logical option for the construction of a gigafactory in the region of North America. The country offers high sustainability standards and ideal economic conditions and the government of Canada has already proven to be a strong and reliable partner. This is just the beginning: The EV market in North America is at a turning point and we’re committed to investing across the entire region to leverage this historic chance for Volkswagen and our customers.”
The Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry : “The auto industry is vital to the Canadian economy, supporting hundreds of thousands of families. And as the world transitions to a cleaner and more sustainable economy, Canada’s highly-skilled workers will be key in helping to build the green vehicle of the future. Today’s announcement between Canada and VW represents another major step forward, continuing our shared work to grow Canada’s and Germany’s clean transportation sector and meet global and North American demand for zero emission vehicles.”
The Addendum to the MoU was signed within the framework of Volkswagen Group Technology’s “be more” global leadership conference in Wolfsburg.
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