Volvo Car and Northvolt to form a joint venture.

Volvo Car, a Swedish automobile marque, and Northvolt, a Swedish battery developer and manufacturer, are set to form a joint venture. The intention is to develop and produce more sustainable batteries, tailored to power the next generation of pure electric Volvo and Polestar cars. The joint venture would be a 50/50 deal. Financial terms were not disclosed. “By working with Northvolt we will secure a supply of high-quality, more sustainable battery cells for our pure electric cars. Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," Håkan Samuelsson, Volvo Car CEO.