Plans are further blow to Europe’s hopes of creating a homegrown electric car battery

Volvo Cars plans to buy out struggling battery maker Northvolt from their jointly owned gigafactory in Sweden in another blow to Europe’s hopes of creating a homegrown electric car battery.

Novo Energy, a joint venture between Volvo and the Swedish company, was launched in 2021 with a plan to create a “fully integrated and frictionless environment” for developing new battery technologies with a staff force of 3,000 to start production in 2025.