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Volvo, LG Chem, & CATL Sign A Multi-Billion Battery Deal For EVs

A gigantic multi-billion dollar contract has been signed between Volvo Car Group, Korean chemical industry LG Chem, and the Chinese EV battery manufacturer, CATL. The deal is associated with the mass supply of Volvo’s electric vehicles in the market.

The Li-ion batteries developed by the contribution of both Chinese & Korean firm will not only influence the advancement of Volvo Cars’ electrification strategy. But, also facilitates development for its joint venture-associated Chinese auto manufacturer, Geely.

Volvo stated that the agreement with the two firms would be able to fulfill the global need for battery modules for all the upcoming models based on CMA and SPA2 modular vehicle platforms.

Around two years before, Volvo committed that all of its 2019 launched models would be electrified and now, the company is working hard to keep its promise. It is anticipating that by the Year 2025, half of its global sales would be of electric vehicles.

Volvo revealed that it expects to initiate mass production of its foremost all-electric small SUV, XC40 by the year-end at its manufacturing plant in Ghent.

Almost three months back, Volvo—in collaboration with Geely—came ahead with the design of its first all-electric vehicle for Polestar. However, another upcoming model for Polestar—Polestar 2—will be integrated with the advanced batteries to be developed by CATL & LG.

On a similar note, Chinese automaker JAC is ready to export its electric car model iEV7S in the Brazilian market. The company has rebranded the model as iEV40.

JAC’s rebranded model will feature the same accelerating pace (0–62 miles/hr in 11 Seconds) & battery power of 40 kWh. The market price of this model set for Brazil is $35,385, which will make it the most inexpensive EV in the Brazilian market.

Including JAC iEV40, the company is expecting to launch five electric vehicles by the year-end.

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