Volvo inks multi-billion-dollar li-ion battery deals with CATL, LG Chem

Volvo inks multi-billion-dollar li-ion battery deals with CATL, LG Chem

4:35 AM, 16th May 2019
Plug-in hybrid battery pack mounted in an XC40 at Volvo Cars’ Ghent plant.
Plug-in hybrid battery pack mounted in an XC40 at Volvo Cars' Ghent plant.

GOTHENBURG, SWEDEN: Volvo Car Group has signed multibillion-dollar li-ion batteries supply agreements with leading battery makers CATL of China and LG Chem of South Korea 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 realizing Volvo Cars’ ambitious electrification strategy.

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 the award-winning XC40 small SUV. Already now, plug-in hybrid variants of the XC40 are manufactured there.

The Compact Modular Architecture (CMA) currently underpins the XC40, as well as the fully electric Polestar 2 fastback and several models sold by LYNK & CO, Volvo’s sister brand which it co-owns with Geely. As of this year, all three models will be built on a single production line at a Volvo-operated manufacturing plant in Luqiao, China.

The upcoming SPA2 architecture is the next generation of Volvo’s in-house developed Scalable Product Architecture (SPA) and will be launched early next decade. SPA is one of the most advanced vehicle platforms in the car industry and currently underpins all Volvo models in the 90 and 60 Series. The first Volvo to be launched on SPA2 will be the next generation of the XC90 large SUV.

Earlier this year, Volvo Cars revealed a number of upgraded and newly-developed electrified powertrain options, to be made available across its entire model range going forward. It has upgraded its existing T8 and T6 Twin Engine plug-in hybrid powertrains, with plug-in options now available on every model it produces.

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

“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,” added Martina Buchhauser, senior vice president for procurement at Volvo Cars.

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