Groupe PSA has entered into a partnership with Total to start a new venture, Automotive Cells Company, for manufacturing batteries.

(PSA Media Center)

Soumen's key takeaways:

The COVID-19 pandemic has accelerated the plans to build a local supply chain to mitigate risks from a globalised supply chain. This venture will help the EU region in having enough battery capacity to meet the growing demand from EVs.
With oil reservoirs depleting and global sentiments against polluting fuels, Total is looking for an alternative business. It had already entered the EV charging infrastructure business.
This investment in battery production will help Total create an integrated business infrastructure.
With its focus on EVs, Groupe PSA also needs to focus on developing high-performance Li-ion batteries.

Groupe PSA Enters Battery Production in Tie-Up With Total