Hyperdrive
Northvolt Will Be as Vital to VW as Panasonic Has Been to Tesla
- Swedish startup secures $14 billion order for battery cells
- Company is emerging as Europe’s leading home-grown producer
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Northvolt AB’s massive battery-cell order from Volkswagen AG makes clear the startup will be as indispensable to the German manufacturer over the next decade as Panasonic Corp. has been to Tesla Inc. over the last one.
VW has ordered up more than $14 billion of battery cells from Northvolt over the next 10 years, a huge show of confidence in a company that hasn’t yet started production. VW will boost its stake in the closely held startup from about 20% to an undisclosed higher level.