- General
- May 15, 2019
- 6 minutes read
Volvo Inks EV Battery Deals With CATL And LG Chem
Volvo CEO Håkan Samuelsson image: Volvo Volvo has announced it has entered agreements with China’s CATL and LG Chem for…
 |
| Volvo CEO Håkan Samuelsson
image: Volvo
|
Volvo has announced it has entered agreements with China’s CATL and LG Chem for the supply of lithium ion batteries that’ll be used in its electric vehicles. The deal covers global supply of battery modules for all models to be built on Volvo’s SPA2 and CMA modular vehicle platforms. If CATL sounds familiar to you, it may be because Tesla was also reported to be in talks with the company for battery supplies.
Contemporary Amperex Technology Ltd. (CATL for short) is one of the world’s largest lithium-ion battery producers. The company has grown from inception in 2011 to currently employing more than 15,000, with $4.4 billion in 2018 revenue. Likewise, LG Chem is one of the top ten chemical companies globally.
 |
| The SPA2 modular vehicle platform
image: Volvo
|
 |
| The CMA modular vehicle platform
image: Volvo
|
In 2017, Volvo announced that all of its new vehicles launched from 2019 will be electrified. The Swedish automaker also says it aims for electric vehicles sales to make up 50% of its global sales volume by 2025. Volvo is currently building its first battery assembly line at its manufacturing plant in Ghent, Belgium. The company says it’ll be completed by the end of this year.
“The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine,” Volvo CEO Håkan Samuelsson said in a statement.“Today’s agreements with CATL and LG Chem demonstrate how we will reach our ambitious electrification targets.”
