Volkswagen China joins with 2 firms to battle runaway costs for EV batteries
They will jointly invest in battery raw materials production in Indonesia
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Shanghai
VOLKSWAGEN Group China said on Monday (Mar 21) it will form joint ventures with Huayou Cobalt and Tsingshan Group to secure nickel and cobalt supplies, in a bid to control electric vehicle (EV) battery costs at a time of surging raw material prices.
The 3 companies have signed memorandum of understandings for 2 joint ventures (JVs), the first among the 3 firms in Indonesia, where they will jointly invest their respective advantages and resources for battery raw materials production, Volkswagen said in a statement.
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