Volkswagen invests $620 mln in Northvolt to secure battery supply

Volkswagen said on Wednesday it was investing a further $620 million in Swedish battery maker Northvolt, in a bid to secure cell capacity for its electric vehicle push.

The investment, part of a $2.75 billion funding round launched by the maker of lithium-ion batteries, will keep Volkswagen’s stake stable at around 20% and follows an initial 900 million euro investment in 2019.