- Volkswagen to invest some €900 million in joint battery activities with Northvolt AB
- Volkswagen is initially acquiring about 20 percent of the shares in the Swedish battery cell producer
- Furthermore, Volkswagen plans to stablish a 50/50 joint venture during the course of this year to set up a battery cell factory with an initial capacity of 16 GWh.
- Volkswagen AG Board Member for Procurement, Dr. Stefan Sommer: “With Northvolt we have found a European partner to join us in advancing battery cell production here in Germany.”
Volkswagen invests in Northvolt AB
Volkswagen AG 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 AB. In return, Volkswagen will acquire about 20 percent of the shares in Northvolt AB 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.