Truckmaker Scania signs Northvolt e-vehicle battery deal

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Truckmaker Scania signs Northvolt e-vehicle battery deal

German Volkswagen’s truck brand, Scania AB, a major Swedish manufacturer of commercial vehicles likes of trucks and buses, headquartered in Södertälje, Sweden, had signed a battery supply deal with Swedish Northvolt, while it had been in talks about making an equity investment, as part of its effort to raise as much as $1.68 billion (1.5 billion euros), the head of Scania said on Monday, the 13th of May 2019.

Followed by the deal, the Scania Chief Executive, Henrik Henriksson told to the reporters that he could not disclose the extent of capacity, Scania would be receiving from Northvolt, however he had also been quoted saying that the accord had been a substantial part of company’s latest reform.

Addressing to an upcoming shortage of batteries for the automotive sectors that largely coincided with Tesla head, Musk’s comment last week, the Scania CEO said, “There will be a shortage of batteries for the automotive sector globally in the coming five to six years because there’s simply not enough capacity.

So, the more capacity we can get our hands on, the better we feel”. In point of fact, Scania had also been planning to go all-electric, meanwhile investing heavily on battery-run-buses, electric roads and hydrogen fuel-cell technology. Factually, alternative fuel-run vehicles had accounted for about 4.5 percent of entire sales of Scania last year.