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Volvo Cars will not pay Northvolt for battery joint venture stake, it says

Reuters
Summary
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79% Informative

Volvo Cars will not pay Northvolt any money for its 50% stake in their battery venture Novo Energy .

Northvolt filed for bankruptcy protection in November last year .

Volvo Cars agreed with Northvolt to take over its stake in the venture, which included a planned Gothenburg battery cell factory.

Volvo has said a new investor would be needed for that to happen.

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89

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93

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89

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semi-formal

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English

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47

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short-lived

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