Volkswagen and Northvolt form joint venture for battery production.

Volkswagen and Northvolt, which manufactures electronic component, formed a 50/50 joint venture to build a factory for lithium-ion batteries. Financial terms were not disclosed. “Building a gigafactory in Germany together with Volkswagen allows Northvolt to further increase the production capacity of green battery cells with a minimal CO2 footprint. This will have a significant impact on electrification in Europe,” Fredrik Hedlund, Northvolt Chief Strategy Officer, and the new joint venture CEO.