Mexican Media Brands
VW Invests $1 Billion in Northvolt
Volkswagen AG is investing €900 million ($1 billion) in Northvolt AB, a Stockholm-based startup that will produce batteries for electrified vehicles.
#hybrid
Share
Volkswagen AG is investing €900 million ($1 billion) in Northvolt AB, a Stockholm-based startup that will produce batteries for electrified vehicles.
VW will acquire a 20% stake in Northvolt and have one seat on the company’s board of directors. Part of the VW investment is included in Northvolt’s latest funding round that also involved BMW, Goldman Sachs and other investors.
VW and Northvolt also are forming a 50:50 joint venture to produce battery cells in Germany. Construction of a 16-gWh plant is due to start by the end of 2020. VW aims to ramp up production at the facility by early 2024.
VW estimates the annual battery capacity requirements across its various brands in Europe will exceed 150 GWh by 2025. Similar volumes are expected in Asia.
Northvolt is conducting pilot production of battery cells in Sweden. The company aims to open a factory in Skellefte, Sweden, in 2023. The facility is expected to have an initial annual capacity of 16 gWh, which the company aims to eventually double.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
Honda to Make Hybrids in Thailand
Honda Motor Co. is preparing to launch production in Thailand of hybrid cars and the batteries that help power them.
