Swedish car manufacturer Volvo has entered into an agreement with local battery manufacturer Northvolt to co-manufacture batteries for electric vehicles. For this, a new enterprise and research center will be created.
Together, two companies from one of the most environmentally neutral European countries intend to create batteries with a potential capacity of up to 50 gigawatt-hours. In the future, such batteries will appear on electric cars Volvo and models of its “daughter” – the Polestar brand.
The production of new elements will be launched at Volvo-Northvolt in 5 years. The plant will be built in Europe, but the site for its construction has not yet been determined. The entire creation process will be carried out exclusively on renewable energy sources. At the same time, the companies intend to provide about 3 thousand new jobs.
Earlier it was reported that Volvo could release a new electric crossover next year. It features the same twin-engine electric powertrain from the Volvo XC40 Recharge, producing 402 horsepower and 659 Nm of torque, but in a sleeker coupe-like body. Volvo entered the coupe-crossover segment rather late, but could go all-in with even more models.