Volkswagen Drops $1B On Swedish Battery Cell Maker
Law360 (June 12, 2019, 7:39 PM EDT) -- Volkswagen said Wednesday it is investing roughly €900 million ($1 billion) in battery maker Northvolt AB in a deal that will also see the German automaker pick up a 20% stake in the Swedish battery cell producer.
In addition to acquiring shares in the company, Volkswagen AG will also receive a seat on Northvolt's board of directors. The investment signals the onset of a 50/50 joint venture to build a 16 gigawatt per hour battery cell factory in Europe, the automaker said Wednesday.
"Volkswagen is laying the groundwork at all levels for the successful implementation of its electrification strategy," said Dr. Stefan...
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