Volkswagen and QuantumScape collaborate to advance solid-state battery industrialization

PowerCo, a battery company under Volkswagen, has reached a breakthrough agreement with QuantumScape to industrialize QuantumScape's next-generation solid-state lithium metal battery technology. It is reported that once QuantumScape's solid-state battery technology makes progress at a certain level, PowerCo will obtain a license to mass-produce batteries based on the QuantumScape technology platform and pay corresponding royalties. Volkswagen holds a 17% stake in QuantumScape, with a current market value of approximately RMB 3.345 billion. According to the agreement, PowerCo can use QuantumScape technology to produce up to 40 GWh of batteries per year, and can increase to 80 GWh to meet the battery needs of approximately 1 million electric vehicles.