Hyperdrive
Volvo Joins Forces With Northvolt on European EV Battery Factory
- Plant will be capable of supplying 500,000 cars a year
- Joint R&D center in Sweden will be operational next year
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Volvo Car Group and Swedish battery maker Northvolt AB will jointly build an electric-car battery factory in the latest move by European manufacturers to localize cell production in the region.
The Chinese-owned carmaker and Northvolt will build a factory with capacity to make 50 gigawatt hours of cells a year, enough to supply around 500,000 vehicles and complement Volvo’s plan to only sell battery-powered cars by 2030. The companies also will establish a joint research-and-development center in Sweden.