Breaking: Volkswagen Orders $14 Billion of Battery Cells from Northvolt
As part of Volkswagen’s Power Day (live right now), news came out that Volkswagen Group has put in an order for $14 billion worth of battery cells from Northvolt, which will be supplied via Northvolt’s Swedish battery factory, Northvolt Ett.
Notably, the $14 billion order is for the coming 10 years and requires expansion of that Swedish battery factory. Its new target production capacity (annual) is 40 GWh.
Northvolt adds that it now has a total of $27 billion order for batteries across customers.
The last notable news today is that Volkswagen Group is buying out Northvolt on their Northvolt Zwei joint venture and also growing Volkswagen Group’s investment in Northvolt. “As Volkswagen Group plans to scale up its own battery manufacturing in Europe, Northvolt will sell its share in the joint venture Northvolt Zwei in Salzgitter to Volkswagen. Volkswagen will at the same time increase its ownership in Northvolt.”
“Volkswagen will continue to deepen the collaboration and partnership with Northvolt. They are one of our key battery suppliers as we make the transition to electric mobility – and there is potential to expand this partnership even further,” said Thomas Schmall, Chairman of the Board of Management of Volkswagen Group Components.
Much more news is coming out right now from Volkswagen Power Day. I’ll be back with you shortly.
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