(Yicai Global) April 8 -- Volkswagen has inked a partnership deal with China's largest lithium producer as part of the German auto giant's efforts to safeguard the development of its pure-electric vehicle program.
VW and Ganfeng Lithium have penned a cooperation agreement for the supply of key raw materials, the Jiangxi-based firm said in a statement without confirming specific transaction details.
The pair will also collaborate on other areas such as product recycling and solid-state batteries.
Volkswagen aims to debut more than 70 new PEVs over the next six years with over a quarter of production to go green by 2025. The deal will help the Wolfsburg-based company cope with the subsequent increase in demand for battery materials.
Founded in 2000, Ganfeng sells more than 40 lithium compounds and related-metal products, mainly used for electric vehicles, chemicals and pharmaceuticals.
Editor: William Clegg