Volkswagen (VW) has confirmed it will become the largest shareholder in Chinese lithium ion battery cell manufacturer Guoxuan High-tech Co Limted (also known as Gotion). The deal — reports of which first surfaced in January this year — will see VW take a 26% share for €1.1 billion and is expected to be finalised by the end of 2020.
The deal is a significant step as it marks greater involvement from companies at the battery cell stage of the supply chain. Having already made plans to develop its own European megafactory in 2019, the latest deal also shows VW’s . . .