According to reports, Volvo Cars announced in its Q4 2024 financial statement that the company would acquire a 50% stake in NOVO Energy, a joint venture with Swedish EV battery manufacturer Northvolt, at virtually no cost.
NOVO Energy was established in 2021 as a battery joint venture between Volvo Cars and Northvolt, with each company holding a 50% share. The joint venture had planned to build a battery plant with an annual capacity of 50GWh in Gothenburg, on Sweden’s west coast, with a total investment of SEK 30 billion.
Source: WeChat Official Account—电池中国
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