LG Chem selected to provide batteries for Volvo's new electric vehicles
SEOUL, AJU - LG Chem has been selected as a long-term supplier of lithium-ion batteries for new electric vehicles to be produced by Sweden's Volvo auto group. Volvo said it is part of a 10-year dual deal which also involves Contemporary Amperex Technology (CATL) of China.
LG Chem said Wednesday it would supply batteries for Volvo's next-generation EV projects. The batteries will be also used in EVs of Polestar. Financial terms and the size of supply were not disclosed.
LG Chem will supply batteries for Volvo's next-generation models designed on the basis of modular platforms and its electric car brand, Polestar. Volvo uses CMA (compact modular architecture) for small cars. CMA debuted in September 2017 with the release of Volvo's XC40. Volvo plans to release its first fully electric car based on the CMA platform in 2019.
Volvo said that batteries from LG Chem and CATL would be used for Polestar 2, which is due to arrive in Australia next year, and Polestar 3 SUV coupes.