Volkswagen Group’s newly formed battery business is working to overcome supply-chain headwinds as it ramps up production and prepares for an initial public offering.
PowerCo, which bundles the automaker’s global battery efforts, is trying to secure raw materials amid surging prices and logistics issues, according to the unit’s Chief Financial Officer Kai Alexander Mueller.
VW plans to partner with Umicore to source cathode materials, is exploring working with Robert Bosch for machinery and agreed to offtake battery-grade lithium hydroxide from miner Vulcan Energy Resources.