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Porsche to set up joint venture with German battery maker

Stock MarketsJun 20, 2021 02:10AM ET

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Porsche to set up joint venture with German battery maker

© Reuters. FILE PHOTO: A Porsche Taycan electric vehicle (EV) is seen displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p)'s 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 specialising in lithium-ion cells, will aim to produce car batteries with higher energy density than prototypes used in Porsche's current electric cars, the company said in a statement.

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

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

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

Porsche Chief Executive Oliver Blume said in April the company wanted to speed up its e-mobility drive with plans for a German factory in Tuebingen to manufacture battery cells. At that time he did not say if Porsche would seek a joint venture partner.

Customcells is based in Tuebingen.

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

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Comments (3)

Bakare Sulaimon Jun 20, 2021 4:54AM ET

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I'm New here

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David9 Jun 20, 2021 3:55AM ET

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I don't think it is going to work...

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Bakare Sulaimon Jun 20, 2021 3:55AM ET

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hey

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Jörg Holl Jun 20, 2021 3:55AM ET

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It takes time to develop new batteries and the traditional carmaker are very late. Tesla Model S was released 2012. Unbelievable how far behind the traditionals are.

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Michal Bednarek Jun 20, 2021 3:55AM ET

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Jörg Holl Are you really sure that Tesla is that far? If technology / price / usability would be that great don't you think there would be more electric cars?

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CHADWICK RICHINGTON Jun 20, 2021 2:58AM ET

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Goodbye Tesla

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Anders Nordström Jun 20, 2021 2:58AM ET

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I dont think Porsche would compete with Tesla, Porsche is in a higher end segment, competing with more premium brands.

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