Gotion Invests in VW Battery Plant
China Gotion will invest 1.25 billion dollars in Volkswagen's battery plant in Valencia to develop a European supply chain. Volkswagen will also acquire stakes in Gotion facilities in Slovakia and Morocco.
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GOTION HIGH-TECH CO LTD-A will invest €1.1 billion ($1.25 billion) in VOLKSWAGEN AG's battery plant in Spain under a supply chain partnership. The agreement comes as Chinese firms expand European operations ahead of expected trade barriers from China imports. The deal allows Gotion to take a 49% stake in the Valencia facility, which will serve as a regional production hub for LFP batteries.
