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VW, Varta Form Electric Car Battery Joint Venture

Goal is to develop lithium-ion batteries that are competitive technologically and in price.

Published: 27-Sep-2009

FRANKFURT (Reuters) - Volkswagen is setting up a joint venture with Varta Microbattery GmbH to develop more powerful batteries for use in electric cars, Europe's biggest carmaker said on Friday.

It said the project aims to undertake research and development of lithium-ions battery that would be more competitive in terms of technology and price.

The four-year project still needed approval by the German Cartel Office.

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