Volvo Cars, Northvolt to open battery R&D centre as part of $3.3 billion investment
Information about Volvo Cars, Northvolt to open battery R&D centre as part of $3.3 billion investment
Kevin David Scam or Legit
STOCKHOLM (Reuters) – Volvo Cars and battery maker Northvolt will open a joint research and development centre in Sweden as part of a 30 billion crown ($3.3 billion) investment, the carmaker said on Friday.
In June, the Swedish companies announced plans for a joint venture to develop batteries for electric cars, including setting up a gigafactory for production and an R&D centre.
Volvo Cars said the two had now signed a binding agreement for the venture. The R&D centre, located in Gothenburg, will start operations next year.
“Our partnership with Northvolt secures the supply of high-quality, sustainably-produced batteries for the next generation of pure electric Volvos,” Chief Executive Hakan Samuelsson said in a statement.
Volvo Cars, majority owned by China’s Geely Holding, aims to sell 50% pure electric cars …