TSLA - Northvolt produces Europe's first lithium ion battery cell

Swedish battery maker Northvolt says it has produced its first lithium ion battery cell, meeting its deadline to begin assembly at its gigafactory before the end of 2021. The Tesla (NASDAQ:TSLA) rival says it is the first battery of its kind to have been fully designed and produced at a large-scale factory by a homegrown European company. Despite being less than six years old, Northvolt has signed $30B-plus worth of contracts with customers including automakers BMW (OTCPK:BMWYY), Volkswagen (OTCPK:VWAGY), Volvo (OTCPK:VOLVY) and Polestar. Northvolt expects commercial deliveries will begin next year, and plans to increase production capacity in the coming years to 60 GWh, enough to supply batteries for ~1M electric vehicles. Elon Musk has exercised the final batch of a package of 22.8M vested Tesla stock options.

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Northvolt produces Europe's first lithium ion battery cell