BERLIN, June 16 (Xinhua) — Volkswagen would increase its stake in QuantumScape and make an additional investment of up to 200 million U.S. dollars in the U.S. battery specialist, the German carmaker announced on Tuesday.
With the investment, Volkswagen was seeking to "drive forward" the development of solid-state batteries with which Germany's largest carmaker expects to significantly increase their range while further reducing charging time.
"The additional investment will effectively strengthen and accelerate our joint development work," said Thomas Schmall, chairperson of the board of management of Volkswagen components.
Volkswagen had already been cooperating with QuantumScape since 2012 and is the largest automotive shareholder with its previous investment of more than 100 million U.S. dollars.
The closing of the announced investment and the resulting increase of Volkswagen's stake in QuantumScape was still "subject to various conditions," according to Germany's largest carmaker.