The Volvo Group has completed the previously announced transaction where the Group acquired the battery business from Proterra and Proterra Operating Company.

The acquisition, which was made at a purchase price of US$210m before adjustment for inventory level at closing, includes a development centre for battery modules and packs in California and an assembly factory in Greer, South Carolina.

"These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery electric roadmap even further," said CTO Lars Stenqvist.

Volvo intends to run Proterra as a going concern and deliver to selected customers.

The transaction has no material impact on the group's financial performance.