Volvo Car partners with Northvolt to make batteries, start gigafactory

Volvo Car Group, owned by China's Geely Holding, announced plans for joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a gigafactory

STOCKHOLM (Reuters) - Volvo Car Group, owned by China's Geely Holding, on Monday announced https://www.media.volvocars.com/global/en-gb/media/pressreleases/283261/volvo-car-group-and-northvolt-to-join-forces-in-battery-development-and-production plans for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a gigafactory.

The companies aim to set up a research and development centre in Sweden that will begin operations in 2022, and start a gigafactory in Europe with a potential capacity of up to 50 gigawatt hours (GWh) per year in 2026.

 

(Reporting by Supantha Mukherjee in Stockholm; Editing by Edmund Blair)