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12/10/2021, 8:17 AM (Source: TeleTrader)
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Volvo Cars, Northvolt to open joint battery R&D center

Volvo Cars announced on Friday it will open a joint battery research and development (R&D) center in Gothenburg with Northvolt.

The R&D center, which is part of the company's $3.3 billion investment in battery development and manufacturing, is expected to become operational and create several hundred jobs next year. The two companies also agreed to construct a new manufacturing plant in Europe, where they will make "state-of-the-art battery cells" for use in next-generation pure electric Volvo and Polestar cars. They stressed the exact location of the factory will be announced in 2022.

Earlier this year, Volvo Cars announced it plans to become a fully electric car company by 2030.

Baha Breaking News (BBN) / NP