Volkswagen invests another 500 million euros in its Swedish battery partner Northvolt. In this way, the German brand wants to secure additional battery cells for the battery packs of its electric cars.

The 500 million euros comes on top of an investment of 900 million euros in 2019, with which Volkswagen secured a 20 percent share in Northvolt.

With Volkswagen’s money, the capacity of the Northvolt Ett gigafactory in Skelleftea will be increased from 40 GWh to 60 GWh annually. Of these, 40 GWh of capacity is reserved for Volkswagen.

The first battery cells should come out of the factory in 2023. These will be incorporated into the power packs of the more expensive Volkswagen electric models. Which ones, the brand does not say.

The battery cells for Volkswagen’s regular electric cars will be produced in Salzgitter from 2025. This factory is also part of a collaboration with Northvolt. Production capacity should eventually reach 40 GWh per year.

The battery cell plants run on green power. In addition, Volkswagen says that the cells can be recycled to a large extent. Northvolt will therefore use part of the investment to scale up its recycling capacity.

Load More Related Articles
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

UBS/Credit Suisse merger creates a ‘gigabank’, which poses enormous risks

The merger bank created after the acquisition of Credit Suisse by UBS is too big for Switz…