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Porsche to set up joint venture with German battery maker

Porsche to set up joint venture with German battery maker
June 20, 2021

FRANKFURT (Reuters) – Volkswagen's (VOWG_p.DE) luxury sports car unit Porsche AG is setting up a joint venture with Customcells to produce high-performance batteries that will significantly reduce charging times, the company said on Sunday.

The partnership with Customcells, a company in southern Germany specializing in lithium-ion cells, will aim to produce car batteries with higher energy density than the prototypes used in current Porsche electric cars, the company said in a statement. .

European automakers are pushing to reduce their dependence on Asia for batteries as they roll out all-electric models to meet stricter emissions targets in the European Union.

In addition to reducing charging time, improving energy density will mean reducing the amount of raw material needed in batteries to achieve the same range. It will also reduce battery production costs, making electric cars more affordable.

Porsche said it will invest a double-digit million euro sum in the joint venture in which it will own 80%.

The production facility aims to have a capacity of 100 kilowatt hours, which will translate into enough batteries for 1,000 cars a year.

Porsche Chief Executive Oliver Blume said in April that the company wanted to accelerate its electric mobility push with plans for a German factory in Tübingen to make battery cells. It did not say at the time whether Porsche would seek a joint venture partner.

Customcells is based in Tübingen.

Porsche’s parent company Volkswagen has said it plans to build half a dozen battery cell plants in Europe and expand the infrastructure for charging electric vehicles globally.

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