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Umicore, Volkswagen To Create EV Battery Materials JV - Quick Facts

Umicore and Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) said they plan to create a joint venture to build up precursor and cathode material production capacities in Europe to supply Volkswagen AG's European battery cell production. This would start in 2025 with an initial annual production of 20 GWh for Volkswagen AG's plant in Salzgitter, Germany, and is targeted to grow to an annual production capacity of up to 160 GWh by the end of the decade.

Umicore and Volkswagen AG will also collaborate on the sustainable and responsible sourcing of raw materials.

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