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Volvo signs battery supply deals with CATL and LG Chem

Volvo is working on the commitment to launch all new cars from 2019 as electric vehicles eventually making fully electric cars 50 percent of its global sales volume by 2025.

The company to meet its goal needs to ensure the supply of lithium-ion batteries over the coming decade for next-generation Volvo and Polestar models. Therefore it has signed long-term multi-billion dollar agreements with battery makers CATL and LG Chem.

The agreements cover the global supply of battery modules for all models on the upcoming SPA2 and the existing CMA modular vehicle platforms and represent a major step towards realizing Volvo Cars’ ambitious electrification strategy.

CATL of China and LG Chem of South Korea are renowned battery manufacturers, both of which have long and successful track records supplying lithium-ion batteries to the global automotive industry. They fulfill Volvo Cars’ sourcing guidelines in terms of technology, responsible supply chains, and competitive cost models. In China, the battery supply will benefit from the scale of the wider Geely Group. The company is also constructing its first battery assembly line at its manufacturing plant in Ghent, Belgium.

Source: Press Release

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