FILE PHOTO: Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo
STOCKHOLM (Reuters) - Volvo Cars has signed an agreement to buy struggling Swedish battery maker Northvolt's stake in their joint battery venture NOVO Energy, the Sweden-based automaker said on Wednesday, without disclosing the price.
Volvo Cars and Northvolt, which is under bankruptcy protection, formed the joint venture in 2021 to build a battery factory in Gothenburg on Sweden's west coast. The carmaker said in October it would need a new partner to keep plans for the factory on track.
