Northvolt has won an order worth more than $14 billion over 10 years from Volkswagen, which increases its stake in the Swedish lithium-ion battery maker.
Northvolt will sell its share in joint-venture Northvolt Zwei in Salzgitter to the world’s No. 2 carmaker, which becomes the German gigafactory’s single owner.
Volkswagen entered into a partnership with the battery maker in 2019 and took 20% of the Swedish business and now says it plans to build half a dozen battery cell plants in Europe and expand infrastructure for charging electric vehicles globally.
The news comes after MINI said it will be entirely electric for its models by 2030 and Ford faces revamping its business for a purely electric future.