Investing Tens Of Millions Of Euros, Porsche And German Battery Manufacturer Customcells Form A Joint Venture

According to Reuters, Volkswagen’s Porsche said on Sunday that it will establish a joint venture with Customcells to produce high-performance batteries that can significantly reduce charging time.

Porsche said that it has an 80% stake in the new joint venture and will invest tens of millions of euros in the company. Its goal is to build a production capacity of 100 kWh, which is equivalent to providing batteries for approximately 1,000 electric vehicles per year.

In addition to shortening the charging time, increasing the energy density also means reducing the amount of raw materials required by the battery to achieve the same cruising range. It will also reduce battery production costs and make electric vehicles more cost-effective.

Porsche CEO Oliver Blume said in April this year that the company plans to build a battery cell factory in Tuebingen, Germany, to accelerate the development of Porsche's electric vehicles. He did not disclose at the time whether Porsche would look for a partner. Coincidentally, the headquarters of Customcells is located in Tuebingen.

Volkswagen, the parent company of Porsche, said it plans to build six battery factories in Europe and expand the global electric vehicle charging infrastructure.