Volkswagen is partnering with a Belgian technology group to produce battery materials in Europe, the latest in a spate of industry-wide deals to create a circular battery economy that can meet that can meet production targets as automakers shift toward EVs.
The $3 billion joint venture between Volkswagen Group’s battery business PowerCo and Brussels-based Umicore aims to produce cathode material to power 2.2 million EVs by the end of the decade. The partnership underscores a fledgling effort to establish sustainable supply chains as automakers prepare to scale EV production amid supply shortages and rising costs for battery materials.
The number of EVs on U.S. roadways is expected to increase fifteenfold by 2030, to 26.4 million vehicles, according to utility trade organization Edison Electric Insti …
