Gotion invests $1.25 billion in Volkswagen battery plant in Spain
German automaker Volkswagen and Chinese battery manufacturer Gotion High-Tech are expanding their cooperation in electric vehicle battery production. Gotion will invest €1.1 billion (around $1.25 billion) in the PowerCo plant in Valencia, Reuters reported. Following the transaction, the Chinese company will hold a 49% stake in the factory, while Volkswagen will retain a majority stake.
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