By Mauro Orru

Peugeot SA said Thursday that it has signed an agreement with Total SE to set up a joint venture for the development and production of batteries in Europe for the automotive industry from 2023.

The French car maker said Yann Vincent has been appointed chief executive of the joint venture, named Automotive Cells Company, with Ghislain Lescuyer serving as chairman of the board.

The joint venture, unveiled in January, is set to mobilize an investment of more than 5 billion euros ($5.93 billion), and has support of EUR1.3 billion from French and German public authorities, Peugeot said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

September 03, 2020 12:00 ET (16:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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