Volkswagen secures raw materials for EVs

In view of rising raw material prices, Volkswagen Group is securing volumes of nickel and cobalt in China necessary for the growth of its electromobility thanks to its strategic partnerships. To this end, the Wolfsburg-based company signed letters of intent with Huayou Cobalt and Tsingshan Group concerning the formation of two joint ventures. One is to focus on the processing of battery raw materials in Indonesia. The other is to specialize in the production of nickel and cobalt sulfates and cathode material for lithium-ion batteries. The two joint ventures are expected to help reduce the cost per battery by 30 to 50 percent in the long term, according to Volkswagen China.