Volvo Cars said it would not invest in its struggling partner Northvolt as the Swedish group halved its annual sales growth forecast amid a slowdown in vehicle demand and geopolitical turbulence.
Chief executive Jim Rowan told the Financial Times that the company would not provide direct financial support to the cash-strapped Swedish battery group, which has a joint venture to build a plant in Gothenburg with Volvo. He added that the company needed to “tighten its belt”, warning that the auto industry would “remain under pressure”.
Rowan also said the company had diversified its battery supply chain so that it would not be exposed to the troubles at Northvolt, which is trying to raise fresh funds.
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