Volvo Car, Northvolt Partner For Europe's EV Battery Factory: Report

Author: Anusuya Lahiri | June 21, 2021 09:43am

• Geely Automobile Holdings Ltd (OTC:GELYY) owned Volvo Car Group, and Swedish battery maker Northvolt AB will jointly build an electric-car battery factory, Bloomberg reports.
• The factory will have a capacity to produce 50-gigawatt hours of cells a year in 2026 and complement Volvo's transition to only battery-powered cars by 2030. It is estimated to employ around 3,000 people, Reuters reports.
• Northvolt will become Volvo Cars' exclusive battery cell production partner in Europe. Volvo plans to source battery cells from that plant in 2024.
• The companies also will establish a joint research and development center in Sweden. The center will be operational in 2022.
• Electric successor to Volvo's XC60 model will mark its battery cell debut under the collaboration.
• Former Tesla Inc (NASDAQ:TSLA) executive founded and Volkswagen AG (OTC:VLKAF) (OTC:VLKPF) backed Northvolt is leading Europe's efforts to build a domestic supply chain for lithium-ion batteries. Northvolt raised $2.75 billion in its most significant financing round yet.
• Price action: GELYY shares closed higher by 4.28% at $61.21 on Friday.

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