5/15/2019, 8:31 AM (Source: TeleTrader)
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Volvo signs battery supply deals with CATL, LG Chem

Volvo Car Group announced on Wednesday it signed agreements with Contemporary Amperex Technology Co. Ltd. (CATL) and LG Chem Ltd. for a long-term supply of lithium-ion batteries.

The multi-billion deal aims to provide battery modules for all models on the upcoming SPA2 and the existing CMA modular vehicle platforms, with the aim of reaching Volvo's goal of 50% its global sales volume being made up of fully electric cars by 2025.

"The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine," Volvo's president and CEO Hakan Samuelsson said in a press release.

Breaking the News / MD