Sweden’s Volvo, Northvolt To Build Electric Batteries Factory

Volvo Cars and Sweden’s largest battery manufacturer Northvolt intend to establish a joint venture to produce batteries for the carmaker’s electric vehicles.

As part of the cooperation, the companies will establish a research and development centre to develop a new generation of batteries for Volvo Cars and Polestar (Volvo Group’s electric car brand).

In addition, the companies intend to build a new battery factory with a potential capacity of up to 50 gigawatt hours. Production is set to start in 2026.

The factory will be built in Europe (location to be determined) and will run exclusively on renewable energy sources. The factory will employ up to 3,000 people.

In March this year, Volvo Cars unveiled a new development strategy which calls for the company switching to electric vehicles only by 2030. In the next few years, the company intends to produce a new family of vehicles with electric drive. At the same time, they will only be sold online.

source: ft.com

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