VW eyes Canada in search for first North America cell plant - source
Reuters
Published Dec 01, 2022 06:26AM ET
Updated Dec 01, 2022 06:52AM ET
BERLIN (Reuters) - Volkswagen (ETR:VOWG_p) and its battery subsidiary PowerCo SE have begun searching for a site for the carmaker's first battery cell factory in North America, a company source told Reuters on Thursday.
The source said Canada was "a logical option" for the plant, which would be VW's first gigafactory outside Europe.
The move was described as an expansion of the memorandum of understanding signed between Volkswagen and mineral-rich Canada in August, in which they agreed to intensify efforts to secure access to lithium, nickel and cobalt.
Europe's carmakers have pushed to secure stakes in battery production on the continent, but the industry there is still in its infancy.
In September, Volkswagen announced a $2.9 billion battery parts joint venture with Belgian materials firm Umicore
On the hunt for a location in North America, Volkswagen board member for technology Thomas Schmall said: "PowerCo is about to jump across the Atlantic. The framework conditions in North America are highly attractive. The most competitive location wins the race."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.