Volvo assumes full ownership of NOVO Energy joint venture due to Northvolt's financial issues.

Volvo is taking full ownership of its NOVO Energy battery joint venture with Northvolt AB due to Northvolt's failure to meet financial obligations. Initially planned for a factory in Sweden, the project's future is uncertain as Northvolt shifts focus to other sites. Volvo has invested 3 billion kronor ($285 million) and is assessing the impact on NOVO Energy while ensuring its broader battery supply chain remains unaffected.

October 30, 2024
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