On September 28, 2026, Volkswagen Group announced plans for three battery joint ventures with PowerCo SE and Gotion High-tech in Valencia, Spain; Šurany, Slovakia; and Kenitra, Morocco. The plans cover LFP battery cells at the European sites and cathode material in Morocco. Separately, Volkswagen (China) Investment Co., Ltd. (VCIC) entered agreements to sell a 5.3% equity stake in Gotion.
Three sites, distinct production roles
Lithium iron phosphate, or LFP, is the battery chemistry planned for cell production in Valencia and Šurany. The Kenitra venture is planned to make LFP cathode material, a component used in battery cells.
| Site | Planned production | Planned ownership |
| Valencia, Spain | LFP battery cells; intended as a European hub for LFP-based Unified Cells | PowerCo 51%; Gotion 49% |
| Šurany, Slovakia | LFP battery cells for electric vehicles and energy storage systems | Gotion 51%; PowerCo 49% |
| Kenitra, Morocco | LFP cathode material | Gotion 51%; PowerCo 49% |
The 49% figures are stakes in the individual ventures. PowerCo would hold the majority in Valencia, while Gotion would hold the majority in Šurany and Kenitra. Volkswagen Group says its cooperation with Gotion began in 2020; the plans extend it into joint industrial production, procurement and sales activity in Europe.
A separate agreement covers Gotion equity
The 5.3% figure applies to Gotion equity in a separate transaction: VCIC entered definitive agreements to sell that stake. Volkswagen Group said the sale would not reduce the voting rights it exercises in Gotion, and that its board representation and nomination rights would remain unaffected.
The transactions remain conditional
The planned ventures and the share sale remain subject to regulatory approvals and closing conditions.
