'Battery🔋 Supply for the Upcoming Decade'

Overnight Volvo Cars inked a long term multi-billion dollar lithium-ion battery supply deal with LG Chem and CATL, an important step in meeting its lofty electrification goals.

Last year Volvo said it was aiming to have half of its sales be fully electric cars by 2025, easily trumping its earlier commitments.

Håkan Samuelsson, CEO of Volvo Cars, says the automaker is "firmly committed to moving beyond the internal combustion engine" and today's agreements show "how we will reach our ambitious electrification targets".

Martina Buchhauser, head of procurement at Volvo, believes the deals have "effectively secured our battery supply for the upcoming decade".