Volkswagen and Bosch have scrapped their plans to set up a joint venture to equip a battery plant, Bosch said on Thursday, Reuters reported.
“We are not establishing a joint venture,” said Stefan Hartung, Bosch’s chief executive. He added that the partnership with Volkswagen would continue to drive the digitization of its battery plants.
Tanja Rueckert, head of digitalization at Bosch, said, “Since speed is the key to digitalization, it is better to work together on a project level than to collaborate on plant construction like this.”
The joint venture, announced in early 2022, is designed to provide battery production systems and to assist the battery manufacturer in expanding and maintaining its production sites.
A Volkswagen spokesperson said, “Volkswagen and PowerCo are sticking to their plans to participate in equipping battery plants in the future. We are in talks with potential partners.”
PowerCo, a 100% owned subsidiary of Volkswagen, was established in July 2022 to handle the automaker’s global battery business.
