Volkswagen has agreed to sell a 49% stake in its Sagunto battery gigafactory to Gotion High-Tech, with PowerCo retaining a 51% controlling interest. The deal, disclosed to the Shenzhen Stock Exchange, forms part of a 3.22 billion euro international venture.
The Valencia project involves a 2.26 billion euro investment to build a 29.1 GWh lithium battery plant, creating over 1,500 direct jobs. Gotion will enter via a capital increase, also signing engineering contracts worth 1.09 billion euros for construction.
This strategic partnership extends beyond Spain to include an 8.4 GWh plant in Slovakia and a cathode factory in Morocco. By integrating Gotion's expertise, Volkswagen aims to bolster its global supply chain for electric vehicle battery production capacity.