Volvo
The Swedish carmaker wants to equip its own cars as well as those of the luxury electric brand Polestar with batteries from the joint venture.
(Photo: Reuters)
Stockholm The Swedish car manufacturer Volvo wants to set up a joint venture with Volkswagen’s battery partner Northvolt. The joint venture, which is held equally by the two companies, is scheduled to start work in a research and development center in 2022, as Volvo and Northvolt announced in Stockholm on Monday.
In addition, the companies in Europe want to build a battery cell gigafactory with a battery capacity of up to 50 gigawatt hours per year, in which production is to start in 2026.
From 2024, Volvo also plans to obtain 15 gigawatt hours of battery power from the Northvolt plant in Skellefteå in northern Sweden, which Northvolt operates with VW. The Volkswagen Group has a fifth stake in Northvolt and recently invested another half a billion euros in the Swedes. The plant in Skellefteå is now designed for 60 gigawatt hours of batteries per year, of which 40 gigawatt hours are earmarked for Volkswagen.
Volvo wants to equip its own cars as well as those of the luxury electric brand Polestar with batteries from the joint venture. The Swedes operate Polestar together with the Chinese parent company Geely. The new battery gigafactory is to be operated with renewable energies alone and create around 3,000 jobs.
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“By working with Northvolt, we will ensure the supply of high-quality and more sustainable battery cells for our all-electric cars,” said Volvo boss Håkan Samuelsson.
More: Race for the battery: VW is building six of its own battery cell plants in Europe