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Volkswagen is teaming up with Canada for battery materials

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News Tech: FRANKFURT, Aug 23 (Reuters) – Volkswagen (VOWG_p.DE), Europe’s top carmaker, on Tuesday intensified efforts to secure access to key battery materials lithium, nickel and cobalt by striking a cooperation agreement with top supplier Canada.

No financial details were disclosed for the memorandum of understanding (MoU), which was signed during a visit by German Chancellor Olaf Scholz and a delegation of German corporate representatives.

The move comes as Volkswagen rolls out its electric vehicle expansion strategy globally and aims to overtake Tesla (TSLA.O) as the sector leader, a strategy that depends on sufficient supply of vital battery materials.

“The supply of battery raw materials and the production of precursor and cathode materials with a low carbon footprint will allow for a fast and sustainable ramp-up of battery capacity – a key lever for our growth strategy in North America,” outgoing Volkswagen Chief Executive Herbert Diess said.

RegisterReporting by Christoph Steitz, Editing by Miranda Murray

Source: Reuters Trust Principles.

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