Volvo and Northvolt to open battery research and development centre

Volvo Cars and battery maker Northvolt will open a joint research and development centre in Sweden.

The joint venture is part of a $3.3 billion investment.

Both companies had announced plans for a joint venture to develop batteries for electric cars, in June.

The two companies has now signed a binding agreement for the venture.

The R&D centre, located in Gothenburg, will start operations next year.

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