Swedish automobile manufacturer, Volvo Cars, has signed a multibillion-dollar deal to buy electric car batteries from two leading Asian manufacturers to supply the company until 2028. The deal with Chinese battery manufacturer Contemporary Amperex Technology (CATL) and South Korean chemical group LG Chem, is the latest by a carmaker to secure battery supplies into the future. Volvo wants half of its sales to be fully electric by 2025, which combined with its growth forecasts, mean it would sell about 500,000 battery cars a year by the middle of the next decade. Global carmakers are hurrying to secure battery supplies to support the planned increase in electric car sales as they face growing demand for the vehicles, and tighter emissions rules across the world. The number of high-quality large battery supplies are limited, with CATL, LG Chem, Samsung SDI and Panasonic the largest providers globally.

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Financial Times