Geely-owned Volvo Cars is in negotiations with the government of Sweden over a 1,200,000,000 USD loan that it wants to spend on a battery factory, reports NovoEnergy.
Plans for this industrial complex already existed three years ago, with Northvolt mentioned as the principal partner in the project. Recently, BMW severed its deal with Northvolt, blaming the company for missing a number of critical deadlines.
Volvo is also asking the authorities of Sweden for formal state-issued guarantees on all relevant loans.