Volvo sets up battery factory JV
Print Edition
Volvo and Sweden’s Northvolt have joined forces to build a new battery factory in Europe as the automaker aims to sell only fully electric cars by 2030, the companies said.
Swedish automaker Volvo and the battery start-up said that, through a joint venture, they will build a gigafactory with a potential capacity of 50 gigawatt hours per year, with production expected to start in 2026.
This would allow Volvo, which is owned by Chinese automaker Geely, to equip around 800,000 vehicles per year.
Europe has been ramping up efforts to become more autonomous in the battery sector, as it is still very dependent on Asia.
Europe has projects to build nearly 40 gigafactories with a combined annual output of 1,000 GWh and an estimated cost of 40 billion euros (US$48 billion), according to a report by Transport & Environment, a non-government organization.
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