Country for PR: China
Contributor: PR Newswire Asia (China)
Wednesday, May 15 2019 - 15:01
CATL and Volvo Car Group Sign multi-billion-dollar battery supply deal
NINGDE, China, May 15, 2019 /PRNewswire-AsiaNet/ --

A long-term agreement has been signed between Contemporary Amperex Technology 
Co., Ltd. (CATL) and the world's top-tier OEM Volvo Car Group (Volvo Cars) to 
ensure multi-billion-dollar supply of lithium ion batteries over the coming 
decade for next generation Volvo and Polestar models.

The agreement covers the global supply of battery modules for all models on the 
upcoming SPA2 and the existing CMA modular vehicle platforms. As early as 2017, 
Volvo Cars announced its strategic decision of overall electrification as a 
forward-looking pioneer in car industry. This cooperation represents a major 
step towards realizing Volvo Cars' ambitious electrification strategy, as well 
as a milestone in CATL's global development.

Volvo Cars comments, CATL is a renowned battery manufacturer which has long and 
successful track records of supplying lithium ion batteries to the global 
automotive industry. It fulfils Volvo Cars' strict sourcing guidelines in terms 
of technology leadership, responsible supply chains and competitive cost models.

Based on the "customer-centric" cooperation philosophy, CATL will provide 
localized services with a local team in Sweden for localised battery supply 
services and more efficient communications. To assist Volvo Cars to improve 
efficiency, sustainability and transparency of its overall supply chain, CATL 
will also follow Volvo Cars' sustainable development strategy with using clean 
energy for battery production, tracking and managing raw material supply. The 
battery of this deal will also come from CATL's overseas plant.

"CATL and Volvo share the same vision in this new energy career, so we choose 
to realize it together." A spokesperson of CATL said, "With advanced and 
reliable battery solutions, we will support Volvo to create world-leading 
electric vehicles that serve global consumers."

About Contemporary Amperex Technology Ltd. (CATL)

Founded in 2011, Contemporary Amperex Technology Ltd. (CATL) develops and 
manufactures Lithium-Ion batteries for e-mobility as well as energy storage 
solutions. CATL's main business also includes materials, battery management 
systems, battery recycling and reuse. The annual sales volume of CATL in 2018 
was 21.31 GWh. According to SNE Research, CATL was listed No.1 in the global 
electric vehicle battery industry with the annual shipment in 2018.

Headquartered in Ningde, China, CATL has more than 24,000 employees around the 
world and branch offices in Shanghai, Jiangsu, Qinghai, and Beijing in China as 
well as in Munich, Paris, Detroit, Yokohama. The company's primary battery 
production plants are located in Fujian, Jiangsu and Qinghai in China, and the 
Europe plant located in Erfurt, Germany is under construction. In June 2018, 
CATL was publicly listed in Shenzhen Stock Exchange (300750).

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SOURCE:  Contemporary Amperex Technology Co., Ltd.