Northvolt Increases Battery Production Target to 60 GWh
The car battery market is demand-driven. Manufacturers hardly can keep up with demand, a situation comparable to the microchip market. This encouraged Swedish battery producer Northvolt to increase its production target from 40 to 60 GWh annually.
The company has zero problems to attract capital from the likes of the BMW Group, Volkswagen Group, Goldman Sachs, Folksam and the European Investment Bank. Northvolt is seen as the European answer to Tesla. The plant in Skellefteå, northern Sweden will start production later this year and enjoys a VW order pipeline to the tune of $14bn. Northvolt is building a second factory in Salzgitter, Germany, and will probably start production in 2023–2024.