Joint Ventures

Kimberly Redmond | |

Volvo Car Group is forming a joint venture with Swedish battery manufacturer Northvolt to build a new gigafactory in Europe and develop sustainable batteries for the premium automaker and its electric-only sister brand Polestar.

Under the partnership announced Monday, the companies will build a plant with capacity of up to 50 gigawatt hours per year — enough to power about 500,000 cars — that will start production in 2026.

Kimberly Redmond | |

Porsche AG will develop and produce high-performance battery cells for electric sports cars under a new joint venture with German lithium-ion specialist Custom Cells GmbH.

Under the partnership announced Sunday, the luxury automaker and startup company will produce car batteries with higher energy density than prototypes used in Porsche’s current electric cars.