The plant will have a potential annual production capacity of up to 50 GWh
As CNBC reports, the battery plant will be built in the Swedish city of Gothenburg. It should provide up to 500,000 cars a year with batteries.
The plant is expected to produce "specially designed" batteries to be used in all-electric Volvo and Polestar cars, which are jointly owned by Volvo Cars and China's Geely Holding Group.
The companies said in December 2021 that they would create a joint venture to develop and produce the batteries, which would include a gigafactory and a research and development center, with a total investment of about $3.3 billion.
The companies said in statements that the Northvolt and Volvo Cars battery cell joint venture will be one of the largest in Europe. It will be headed by former Tesla CEO Adrian Clark. The plant is scheduled to start up in 2025.
