Volvo Automotive Group indicators multi-billion Li-ion greenback battery provide offers with CATL and LG Chem

Volvo Automotive Group has signed long-term agreements with main battery makers CATL and LG Chem to make sure the multi-billion greenback provide of lithium-ion batteries over the approaching decade for subsequent technology Volvo and Polestar fashions. The agreements cowl the worldwide provide of battery modules for all fashions on the upcoming SPA2 and the prevailing CMA modular car platforms and signify a significant step in the direction of realizing Volvo Automobiles’ bold electrification technique. In 2017 Volvo Automobiles dedicated that every one new Volvo vehicles launched from 2019 can be electrified. The corporate has since strengthened this technique, by stating that it goals for absolutely electrical vehicles to make up 50% of its international gross sales quantity by 2025. The way forward for Volvo Automobiles is electrical and we're firmly dedicated to transferring past the inner combustion engine. In the present day’s agreements with CATL and LG Chem display how we are going to attain our bold electrification targets. —Håkan Samuelsson, president and CEO of Volvo Automobiles CATL of China and LG Chem of South Korea have lengthy and profitable observe data supplying lithium-ion batteries to the worldwide automotive trade. They fulfil Volvo Automobiles’ strict sourcing tips when it comes to expertise management, accountable provide chains and aggressive value fashions. In China, battery provide will profit from the size of the broader Geely Group. With immediately’s settlement we successfully secured our battery provide for the upcoming decade. By having two suppliers accessible in every area we additionally make sure that we have now flexibility in our provide chain going ahead. —Martina Buchhauser, senior vice chairman for procurement at Volvo Automobiles Volvo Automobiles’ first battery meeting line is at present beneath building at its manufacturing plant in Ghent, Belgium. It is going to be finalized by the top of this 12 months and the primary absolutely electrical Volvo to be inbuilt Ghent is the award-winning XC40 small SUV. Plug-in hybrid variants of the XC40 are already manufactured there. The Compact Modular Structure (CMA) at present underpins the XC40, in addition to the absolutely electrical Polestar 2 fastback and several other fashions offered by LYNK & CO, Volvo’s sister model which it co-owns with Geely. As of this 12 months, all three fashions can be constructed on a single manufacturing line at a Volvo-operated manufacturing plant in Luqiao, China. The upcoming SPA2 structure is the subsequent technology of Volvo’s in-house developed Scalable Product Structure (SPA) and can be launched early subsequent decade. SPA at present underpins all Volvo fashions within the 90 and 60 Sequence. The primary Volvo to be launched on SPA2 would be the subsequent technology of the XC90 massive SUV. Earlier this 12 months, Volvo Automobiles revealed a variety of upgraded and newly-developed electrified powertrain choices, to be made accessible throughout its whole mannequin vary going ahead. It has upgraded its current T8 and T6 Twin Engine plug-in hybrid powertrains, with plug-in choices now accessible on each mannequin it produces.