Volvo Car Group signs multi-billion-dollar battery supply deal

By CRM staff

Toronto, Ontario — May 15, 2019 — A long-term agreement has been signed between lithium-ion battery company Contemporary Amperex Technology (CATL) and the Volvo Car Group to ensure a multi-billion-dollar supply of lithium-ion batteries over the coming decade for the new models of Volvo and Polestar cars.

As early as 2017, Volvo Cars announced its strategic decision of developing more electric vehicles for the future. This partnership represents a major step towards realizing Volvo Cars’ ambitious electrification strategy, as well as a milestone in CATL’s global development.

“CATL is a renowned battery manufacturer which has long and successful track records of supplying lithium-ion batteries to the global automotive industry. It fulfills Volvo Cars’ strict sourcing guidelines in terms of technology leadership, responsible supply chains, and competitive cost models,” a spokesperson from Volvo Cars commented.

CATL focuses not only on the development of lithium-ion batteries but also on battery recycling and reuse.