Swedish firm opens Europe’s first car-battery ‘gigafactory’

Northvolt became the first European start-up to design and produce a battery at a gigafactory on the continent, the Financial Times reported. Founded by two former Tesla managers, the Swedish company is backed by Volkswagen, BMW, Volvo Cars and Ikea and opened operations days before its new-year deadline. Northvolt is the most notable of European contenders trying to compete in battery production with bigger Asian producers and Tesla.

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