- Porsche, owned by Volkswagen AG VWAGY, is setting up a joint venture with German battery maker Customcells to produce high-performance battery cells, Bloomberg reports.
- According to the report, these battery cells will help vehicles reduce charging times, providing better performance.
- The new joint venture will produce batteries with higher energy density than prototypes used in Porsche's current electric cars. The production will begin in 2024.
- The company will use silicon as anode material for higher energy density and a more compact battery.
- Porsche will invest a high double-digit million euro sum in the joint venture and have an 83.75% stake in the joint venture called Cellforce Group.
- Related Link: For more electric vehicle news, check out Benzinga's EV hub.
- The production will take place in Tübingen, south of Stuttgart, Germany, and will have a capacity of 100 kilowatt-hours. This will translate into about enough batteries for 1,000 cars a year.
- The company has said that it will continue to test its battery technology in motorsports.
- In February, Porsche announced that it would invest $18.1 billion in the electrification of its vehicles over the next five years.
- Earlier, Volkswagen has said that it will continue to offer the Porsche 911 model with internal combustion engines, albeit able to handle synthetic fuels.
- Volkswagen plans to build battery cell plants across Europe and expand infrastructure to charge electric vehicles globally.
- Related Link: Start your day with PreMarket Prep on Benzinga's YouTube channel
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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