PowerCo Battery (Dalian) Co., Ltd. was formally incorporated in August in Jinzhou District, Dalian, Liaoning Province, with an initial registered capital of RMB 80 million. Its legal representative is Raimund Siegfried Roesch. Its business scope covers battery component sales, battery manufacturing and battery sales.
The company is jointly held by PowerCo Holdco Battery S.A. and Volkswagen (China) Investment Co., Ltd., with shareholdings of 90% and 10% respectively.
PowerCo is a wholly-owned subsidiary of Volkswagen Group founded in July 2022 to oversee its global battery business. It develops the Unified Cell, targeting deployment in roughly 80% of the Group’s BEVs by 2030.
Public records show PowerCo has rolled out battery plant projects across Germany, Spain, Canada and China:
- Salzgitter, Germany: Its first facility. Construction started in 2022, commissioning scheduled for 2025 with an annual capacity of 40 GWh.
- Valencia, Spain: Planned startup in 2026 with a baseline capacity of 40 GWh. According to industry reports from July 2026, Gotion High-Tech held talks to take a majority stake in this plant, yet PowerCo stated it would retain control; the capacity may be lifted to 60 GWh. On September 2026, Gotion High-Tech announced that its wholly-owned subsidiary Gotion Spain planned to sign an EPC contract with PowerCo Spain for a 29.1 GWh lithium battery project, worth EUR 1.094 billion. On the evening of September 28, Gotion disclosed plans to sign an Investment Agreement with Volkswagen Group and PowerCo. The joint venture based in Valencia will build a 29.1 GWh lithium battery project with total investment of approximately EUR 2.262 billion. After capital injection, Gotion will hold 49% and PowerCo 51%; PowerCo retains control of the JV.
- Ontario, Canada: Preparatory work kicked off in 2024; commissioning expected in 2027 targeting 90 GWh.
- Šurany, Slovakia: Gotion and PowerCo plan to set up a Šurany JV to build an 8.4 GWh lithium battery project with total investment of about EUR 480 million. Gotion will hold 51% and serve as controlling shareholder, while PowerCo holds 49%.
- Kenitra, Morocco: Gotion and PowerCo plan to establish a Moroccan JV for a 100,000 tpa LFP cathode project with total investment of roughly EUR 480 million. Gotion will hold 51% as controlling shareholder and PowerCo 49%.
Outlook: Volkswagen originally planned six European battery plants by 2030 alongside exploring a North American gigafactory. Due to slower EV demand growth in Europe and North America and falling group profitability, Volkswagen has scaled back investments. The number of planned European battery plants has been cut from six to three.
