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Volvo Car Group signs battery supply deals with CATL and LG Chem

Auto News - Published on Thu, 16 May 2019

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ET reported that Volvo Car Group has signed long-term agreements with leading battery makers CATL and LG Chem to ensure the multi-billion dollar supply of lithium ion batteries over the coming decade for next generation Volvo and Polestar models. 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 realising Volvo Cars’ ambitious electrification strategy.

Mr Hakan Samuelsson, President and CEO, Volvo Cars said that “The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine. Today’s agreements with CATL and LG Chem demonstrate how we will reach our ambitious electrification targets.”

In 2017, Volvo Cars made a commitment that all new cars launched from 2019 would be electrified. The company aims for fully electric cars to make up 50 per cent of its global sales volume by 2025.

Mr Martina Buchhauser, senior vice president for procurement at Volvo Cars said that “With today’s agreement we effectively secured our battery supply for the upcoming decade. By having two suppliers available in each region we also ensure that we have flexibility in our supply chain going forward.”

Volvo Cars’ first battery assembly line is currently under construction at its manufacturing plant in Ghent, Belgium. It will be finalised by the end of this year and the first fully electric Volvo to be built in Ghent is XC40 small SUV. Plug-in hybrid variants of the XC40 are manufactured there.

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Posted By : Sanju Moirangthem on Thu, 16 May 2019
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