Volvo Cars plans to buy out the struggling battery maker Northvolt from their jointly owned gigafactory in Sweden in another blow to Europe’s hopes of creating a homegrown electric car battery.
Novo Energy, a joint venture between Volvo and the Swedish battery company, was launched in 2021 with a plan to create a “fully integrated and frictionless environment” for developing new battery technologies with a staff force of 3,000 to start production in 2025.
