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6/21, 9:03 AM (Source: TeleTrader)
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Volvo, Northvolt team up on battery development

Volvo Car Group announced on Monday that it will form a join venture with Northvolt AB that will develop and produce more sustainable batteries.

The new venture will open a research and development centre in Sweden in 2022. In 2026, it plans to open a new European gigafactory with the potential capacity of up to 50 gigawatt hours per year.

"By working with Northvolt we will secure a supply of high-quality, more sustainable battery cells for our pure electric cars. Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," Volvo's chief executive Hakan Samuelsson.

Breaking the News / MD