Volvo to build own gigafactory by 2026

AutoExec Summary
Volvo has announced a joint venture with Northvolt to build a gigafactory in Europe, ensuring sufficient battery supply for its future electric models. The plant, operational by 2026, will supply batteries for Volvo and Polestar vehicles. Until then, Volvo will source 15GWh of batteries from Northvolt’s Skelleftea plant starting in 2024, likely powering the new all-electric Volvo XC60. This move aligns with Volvo’s goal of making 50% of its global sales EVs by 2025 and fully transitioning to electric by 2030. The new factory will be powered entirely by renewable energy, minimizing environmental impact.

Brands mentioned: Volvo, Volkswagen, BMW