Volvo’s electrical plans cost forward with battery deal, Auto Information, DFL
Stockholm: Swedish vehicle producer Volvo Automobiles, owned by China’s Geely, stated Wednesday it had signed long-term agreements with CATL and LG Chem to produce lithium ion batteries for electrical automobiles.
The offers with the Chinese language and South Korean teams, two of the main companies within the business, “symbolize a serious step in the direction of realising Volvo Automobiles’ formidable electrification technique,” Volvo Automobiles stated in a press release.
Volvo Automobiles has pledged to supply solely hybrid and electrical variations on new fashions from 2019 and goals to have them account for half of its gross sales by 2025.
The corporate bought over 642,000 automobiles final 12 months.
“The way forward for Volvo Automobiles is electrical and we’re firmly dedicated to shifting past the inner combustion engine,” stated chief government Hakan Samuelsson within the assertion.
“At this time’s agreements with CATL and LG Chem reveal how we’ll attain our formidable electrification targets.”
Volvo Automobiles stated it expects its first battery meeting line, below building in Belgium, to be accomplished by the tip of the 12 months and the primary fully-electric Volvo could be its XC40 small SUV.