The company has lofty ambitions when it comes to electric mobility.
The Volvo Car Group has signed long-term, "multi-billion dollar" deals with two major battery makers in Asia. In an announcement Wednesday, the car firm said that the agreements with firms CATL and LG Chem would ensure a supply of lithium ion batteries for its next generation Volvo and Polestar models.
"The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine," Hakan Samuelsson, the president and CEO of Volvo Cars, said in a statement Wednesday. CATL and LG Chem are Chinese and South Korean businesses respectively. A major player in the automotive sector, Volvo Cars was bought by China's Zhejiang Geely Holding in 2010. The business sold 642,253 cars last year.
"That is really going to decide the pace we have in the transition," he said, going on to add that the "supply of batteries will be crucial."
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