Volvo Cars said on Wednesday it will invoke its right to acquire Northvolt's shares in their battery joint venture, NOVO Energy, after Northvolt failed to meet its financing obligations. Volvo Cars and Northvolt in 2021 announced the formation of the joint venture to build a gigafactory for production of sustainable batteries for electric cars, and later said the plant would be set up in Gothenburg in south-west Sweden. "Volvo Cars is evaluating any potential impact these developments could have for NOVO Energy and is investigating future scenarios to protect the investment," the Sweden-based automaker said in a statement.