Volkswagen and Northvolt form joint venture for battery production
Volkswagen Group and Northvolt have created a 50/50 joint venture to build a factory for lithium-ion batteries.
Construction of the production facility is scheduled to start in Salzgitter (Lower Saxony) in 2020. Start of production is planned for the end of 2023/beginning of 2024. The initial annual output is to be 16 GWh.
The finalization of the joint venture is the result of an agreement which both parties concluded in June. Part of the approximately 900 million euros invested by Volkswagen is now flowing into the joint venture. Another part goes directly to Northvolt.
In return, Volkswagen has received about 20 percent of the shares in the Swedish battery manufacturer and a seat on the Supervisory Board.