Volkswagen’s plans for its own megafactory and recent investment in Northvolt is further evidence of Europe’s burgeoning battery megafactory scene
The second quarter of 2019 saw Volkswagen make significant moves into the lithium ion battery supply chain as it began securing raw material supplies in a deal with Ganfeng lithium, established its own domestic battery megafactory plans, and announced that it had taken a 20% stake in the Swedish battery developer Northvolt.
Volkswagen and Goldman Sachs led a US$1 billion equity raise for Northvolt, along with AMF, Folksam Group and IMAS Foundation. Notably, BMW also took a . . .