According to media reports, Volvo CEO Hakan Samuelson recently stated that the battery factory jointly established by Volvo and Northvolt will make a decision on the specific location after the year. This is a huge factory that will mainly supply batteries for the next generation of cars in Europe. Volvo will also need a similar solution in Asia in the future.

The rapid increase in sales and penetration of new energy vehicles has promoted the acceleration of overseas battery factories to expand their production capacity. Leading company LG plans to reach 300GWh of lithium battery production capacity in 2025; the total lithium battery production capacity planned for 2021-2023 in the European region will reach 94/162/217GWh respectively. The second overseas epidemic in 2020 has caused a lag in the expansion of overseas battery plants, but the expansion plan will not be cancelled, and the subsequent speed will be significantly increased.