• Porsche, owned by Volkswagen AG,is setting up a joint venture with German battery maker Customcells to produce high-performance battery cells, Bloomberg reports.
• According to the report, these battery cells will help vehicles reduce charging times, providing better performance.
• The new joint venture will produce batteries with higher energy density than prototypes used in Porsche's current electric cars. The production will begin in 2024.
• The company will use silicon as anode material for higher energy density and a more compact battery.
• Porsche will invest a high double-digit million euro sum in the joint venture and have an 83.75% stake in the joint venture called Cellforce Group.
• Related Link:For more electric vehicle news, check out Benzinga's EV hub.
• The production will take place in Tübingen, south of Stuttgart, Germany, and will have a capacity of 100 kilowatt-hours. This will translate into about enough batteries for 1,000 cars a year.
• The company has said that it will continue to test its battery technology in motorsports.
• In February, Porsche announced that it would invest $18.1 billion in the electrification of its vehicles over the next five years.
• Earlier, Volkswagen has said that it will continue to offer the Porsche 911 model with internal combustion engines, albeit able to handle synthetic fuels.
• Volkswagen plans to build battery cell plants across Europe and expand infrastructure to charge electric vehicles globally.