BERLIN (Reuters) – Volkswagen and Bosch have signed a deal to set up a joint venture by the end of this year to equip battery cell factories, Volkswagen said in a statement on Tuesday.
The venture would deliver battery production systems as well as assisting battery cell manufacturers in scaling up and maintaining their production sites, the statement said.
“Europe has a one-time chance to become the global powerhouse for batteries in coming years,” Volkswagen board member Thomas Schmall, who is responsible for VW’s battery plans, said.
“We are working to build a complete, localised, European supply chain for ‘made in Europe’ e-mobility.”
Manager Magazine first reported Volkswagen and Bosch’s plans earlier on Tuesday, citing anonymous sources.
(Reporting by Victoria Waldersee, Jan Schwartz, Ilona Wissenbach, editing by Emma Thomasson)
