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Porsche to set up joint venture with German battery maker

Porsche to set up joint venture with German battery maker



Luxury sports car unit porsche is  setting up a joint venture with  custom cells it is to produce high  performance batteries  that will significantly reduce charging  times custom sales is a company in  southern germany  that specializes in lithium ion cells  and the partnership will  aim to produce car batteries with higher  energy density than prototypes  used in porsche's current electric cars  european car makers are already pushing  to reduce their dependence on asia for  batteries  as they roll out all electric models to  meet stricter emission targets  in european union in addition to cutting  charging time improving  energy density will mean reducing the  amount of raw material needed  in batteries to achieve same target it  will also cut battery production costs  making electric cars  more affordable porsche said it will  invest a high double-digit  million euro sun in the jv in which it  will hold 80 percent  the production facility aims to have a  capacity of 100 kilowatt hours which  will translate into about  enough batteries for thousand cars a  year porsche ceo oliver bloom said  company wanted to speed up its  e-mobility drive with the plans for  a german factory to manufacture battery  cells  at the time he did not say if barchar  would seek a joint venture partner  porsche's parent firm volkswagen has  said it plans to build  half a dozen battery cell plants across  europe and expand infrastructure for  charging  electric vehicles globally.

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