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.
