China News Service, February 5 (Reporter Peng Dawei) Volvo Cars announced on the 4th that it will build a new battery manufacturing plant with Northvolt in Gothenburg, Sweden, which will start operations in 2026 and provide 3,000 jobs.
The two companies had previously announced the creation of a research and development center in December last year, with a total investment of about SEK 30 billion for the two projects.
Volvo Car Group, founded in 1927, is a world-renowned luxury car manufacturer headquartered in Gothenburg, Sweden.
China's Geely Holding Group is currently Volvo's largest shareholder.
Northvolt is a Swedish battery manufacturer.
According to the Wall Street Journal, Northvolt is the first European company to develop a lithium-ion battery.
It is reported that Northvolt and Volvo Cars' joint battery production joint plant will become one of the largest battery manufacturers in Europe. Volvo Cars and Northvolt have appointed former Tesla executive Adrian Clarke as the head of the plant.
Volvo Cars said that the close cooperation with Northvolt and the establishment of the new factory will significantly promote Volvo Cars' electrification strategy to produce and sell pure electric vehicles by 2030.
Construction of the new plant, due to start in 2023, will produce state-of-the-art batteries developed for the next-generation all-electric Volvo and Polestar cars.
The plant will have a potential annual battery capacity of up to 50 gigawatt-hours (GWh), enough for about 500,000 vehicles.
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