Volvo Car AB said it is taking over a joint venture with struggling Swedish battery maker Northvolt AB.
Rachel Doran, vice-president of policy and strategy at Clean Energy Canada, joins BNN Bloomberg to discuss the outlook for Canada's EV market.
“This action follows a breach of the parties’ shareholders’ agreement,” Gothenburg-based Volvo said in a statement. Spokeswoman Kristin Boldemann Wester declined to comment on any of the financial details connected to the change of ownership. “We remain in active and constructive dialog with Volvo Cars on the way forward for NOVO Energy,” spokesman Martin Hofelmann said in emailed comments.
Volvo had entered the partnership with Northvolt in 2021 with a 50% stake. The companies selected Gothenburg as a location for the 30 billion-krona investment into the plant to make cells for Volvo’s new fully electric models.
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