Volvo Cars Aims to Acquire Northvolt's Stake Amid EV Battery Turbulence

Volvo Cars seeks to acquire Northvolt's stake in their Swedish battery joint venture after Northvolt halted funding. This move comes amid delays in Europe's EV battery production, affecting the green transition. Volvo aims to keep the gigafactory on track by finding a new investor.

Volvo Cars is maneuvering to gain Northvolt's stake in their Swedish battery joint venture as Northvolt halts funding, endangering plans for their gigafactory. Northvolt faces financial hurdles and job cuts.

Europe's self-reliance in electric vehicle battery production encounters setbacks. Projects face delays due to financial instability and reliance on external investors.

Volvo, backed by China's Geely, seeks sustainable battery production through NOVO Energy but needs third-party support as strategic plans evolve. Discussions with potential investors continue amid industry challenges.

(With inputs from agencies.)