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3/15, 3:22 PM (Source: TeleTrader)
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Northvolt gets $14 billion order from Volkswagen

Swedish battery developer and manufacturer Northvolt AB announced on Monday it received a $14 billion battery cell order from Volkswagen Group.

Northvolt's gigafactory in the North European country will be expanded to support the German carmaker's order over the next 10 years and Volkswagen will raise its ownership stake in the Swedish company. In addition, Northvolt said it "will sell its share in the joint venture Northvolt Zwei in Salzgitter to Volkswagen."

Northvolt is "one of our key battery suppliers as we make the transition to electric mobility - and there is potential to expand this partnership even further," Volkswagen Group Components' Board of Management Chairman Thomas Schmall noted in a statement.

Breaking the News / MS