Volvo Car cooperates with Northvolt to build gigafactory for batteries production
2021-06-23 11:48:16 [Print]
Sweden-based Volvo Car Group announced plans on June 21 for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a gigafactory for production.
The companies aim to set up a research and development centre in Sweden to begin operations in 2022 and start a gigafactory in Europe with a potential capacity to produce up to 50 gigawatt hours (GWh) per year in 2026. The location of the plant has yet to be decided.
Northvolt raised $2.75 billion in equity this month to expand capacity at the factory it is building in northern Sweden, and Volvo plans to source battery cells from that battery plant starting in 2024.
Volvo Cars aims to sell 50% pure electric cars by the middle of this decade, and by 2030 it aims to sell only fully electric cars.
The companies aim to set up a research and development centre in Sweden to begin operations in 2022 and start a gigafactory in Europe with a potential capacity to produce up to 50 gigawatt hours (GWh) per year in 2026. The location of the plant has yet to be decided.
Northvolt raised $2.75 billion in equity this month to expand capacity at the factory it is building in northern Sweden, and Volvo plans to source battery cells from that battery plant starting in 2024.
Volvo Cars aims to sell 50% pure electric cars by the middle of this decade, and by 2030 it aims to sell only fully electric cars.
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