China’s top battery manufacturer, Contemporary Amperex Technology Co Ltd (CATL), said it signed a multi-billion dollar battery supply deal with Volvo Car Group, reported CNBC.
The deal to supply lithium ion batteries will support all of Volvo’s models on current and next-generation vehicle platforms, the company said in a statement.
The deal is in line with Volvo Cars’ wider strategy to electrify its vehicles. In 2017 the firm committed to ensuring all new Volvo cars launched from 2019 would be electrified. In addition, it wants fully electric cars to account for half of its global sales volume by 2025.
“The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine,” said Hakan Samuelsson, the president and CEO of Volvo Cars.