Volvo Car Group, owned by China’s Geely Holding, on Monday announced plans for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a gigafactory.
The companies aim to set up a research and development centre in Sweden that will begin operations in 2022, and start a gigafactory in Europe with a potential capacity of up to 50 gigawatt hours (GWh) per year in 2026.
Source: Reuters