Volkswagen Group invests in Northvolt AB
Volkswagen Group is investing some €900 million in joint battery activities with Northvolt AB.
Part of the sum is intended for a joint venture with the Swedish battery cell producer, a further share will go directly to Northvolt. In return, Volkswagen will acquire about 20 percent of the shares in Northvolt and will have one seat on the Board of Directors (subject to approval under antitrust legislation).
Furthermore, a 50/50 joint venture to build a 16 GWh battery cell factory in Europe is planned during the course of this year.
It is intended to locate the factory in Lower Saxony (Salzgitter) if the preconditions for this are fulfilled. Construction of the production facility is scheduled to start, at the earliest, in 2020.
Battery cell production for Volkswagen is slated to commence around the end of 2023/beginning of 2024.