The Volkswagen Group is increasing its stake in QuantumScape and making an additional investment of up to US$200 million in the US battery specialist. The goal is to drive forward the joint development of solid-state battery technology. In future, solid-state batteries are expected to significantly increase range and shorten charging times further.
The Volkswagen Group has already been collaborating with QuantumScape since 2012, and is the largest automotive shareholder with its previous investment of over US$100 million. Closing of the new additional investment of up to US$200 million and the associated increase of Volkswagen’s stake in QuantumScape is still subject to various conditions.
The two partners formed a joint venture in 2018 to enable industrial-level production of solid-state batteries for Volkswagen. Both partners envisage setting up a pilot plant. The plans are envisaged to be firmed up in the course of this year.
Expanding e-mobility is an important building block on the road to a carbon neutral balance for the company as a whole. This goal is to be achieved by 2050. The Volkswagen Group is therefore fully committed to the goals of the Paris Climate Agreement.