United States securities and exchange commission logo





                              May 14, 2021

       Christian Hanke
       Chief Financial Officer
       Oatly Group AB
       Stora Varvsgatan 6a
       211 19 Malm
       Sweden

                                                        Re: Oatly Group AB
                                                            Amendment No. 1 to
Registration Statement on Form F-1
                                                            Filed May 11, 2021
                                                            File No. 333-255344

       Dear Mr. Hanke:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Form F-1/A filed May 11, 2021

       Dilution, page 67

   1.                                                   Please provide a
tabular presentation of a pro forma dilution calculation utilizing the pro
                                                        forma net tangible book
value referenced in the second paragraph on page 67.
       General

   2.                                                   We note your disclosure
that in connection with the Concurrent Private Placements you
                                                        will receive repayment
of any outstanding loans owed to you by some of the warrant
                                                        holders. Please
disclose the amount the loans owed by the warrant holders. If
                                                        appropriate, please
update your Related Party Transactions section.
 Christian Hanke
Oatly Group AB
May 14, 2021
Page 2

        You may contact Mindy Hooker at (202) 551-3732 or John Cash, Accounting
Branch
Chief, at (202) 551-3768 if you have questions regarding comments on the
financial statements
and related matters. Please contact Geoff Kruczek at (202) 551-3641 or Asia
Timmons-Pierce at
(202) 551-3754 with any other questions.



                                                         Sincerely,
FirstName LastNameChristian Hanke
                                                         Division of
Corporation Finance
Comapany NameOatly Group AB
                                                         Office of
Manufacturing
May 14, 2021 Page 2
cc:       Marc Jaffe
FirstName LastName