Groupe PSA and Total create European battery joint venture

摘要

Car manufacturer Groupe PSA and French energy company Total signed an agreement to create the Automotive Cells Company (ACC) joint venture to manufacture batteries in Europe. The companies said Sept. 3 that Total would contribute its research and development and industrialization expertise, while Groupe PSA would provide its automotive market knowledge and production experience. The project is expected to involve an investment of more than Eur5 billion ($5.9 billion), with the French and German authorities providing financial support of Eur1.3 billion. The companies said the JV would be a “world-class player in the development and manufacture of high-performance batteries for the automotive industry from 2023.”