German automotive giant Volkswagen AG (VLKAF) has signed an agreement to explore a battery cell factory in Canada as the company grows its electric vehicle business in North America.
Canadian Industry Minister François-Philippe Champagne signed the agreement with Volkswagen during an official visit to Germany.
The agreement will see Volkswagen’s battery unit, known as PowerCo, explore and consider Canada for a future electric vehicle battery factory.
The agreement also includes a commitment by PowerCo to investigate a strategic supply agreement for cathode materials in Canada.
Volkswagen’s stock is down 23% this year at EUR138.62 (Cdn$196.08) per share.
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