Volvo Cars will take full control of the NOVO Energy battery joint venture without paying a purchase price to Northvolt. This is revealed in the companyʼs latest quarterly report. According to Volvo Cars, the acquisition was negotiated as part of a broader agreement with Northvolt.
Uncertain future for Swedish production plant
Battery production in Gothenburg, Sweden, which was originally planned for 2026, remains a matter of doubt. Volvo Cars has confirmed that the almost completed factory building has now been secured against the weather. However, the company is still considering whether to sell the plant, use it for other purposes, or find a new partner for battery cell production. Without an external investor, production cannot start as intended. Northvolt had already pulled back financially in 2024 and stopped financing numerous joint ventures. In November 2024, the company filed for bankruptcy under US Chapter 11.
