Volvo plans new electric battery plant in Sweden

Swedish truck and heavy equipment maker Volvo Group said Wednesday it planned to open a new battery factory in Sweden to manufacture battery cells for heavy-duty vehicles and machines.

“There is a strong demand from our customers already today, and by 2030, it is our ambition that at least 35 percent of the products we sell are electric”, Volvo Group chief executive Martin Lundstedt said in a statement.

“This ramp-up will require large volumes of high-performing batteries, produced using fossil free energy and it is a logical next step for us to include battery production in our future industrial footprint”, he added.