Volkswagen and Goldman Sachs Asset Management participated in a $1.1 billion funding round for electric vehicle battery maker Northolt. The funding will be used to strategically increase EV batteries and raw material supplies to overcome the shortages and price hikes, causing sales and production to hit lows.

Northvolt Ett, the first gigafactory of Northvolt, has a waiting list worth $55 billion from businesses like Volvo Cars, BMW, and Volkswagen. These plans are right on time, as European countries are working together to phase out gas cars and increase hybrid or electric vehicles.

The U.K is planning to stop producing and selling gas-powered cars and vans by 2030. Five years later, in 2035, the U.K hopes to implement regulations that will require all new cars and vans to have zero-tailpipe emissions. The European Union is creating similar plans. Europe, China, and the U.K have the most EV sales.

Peter Carlsson, a former Tesla employee and the CEO of Northvolt, is confident that the globe is on the right track for electrification as consumers want new and clean products that are also affordable.

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