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Volvo has bolstered its electrified model roll-out by signing long-term deals with battery makers CATL and LG Chem in a move set to “ensure the multi-billion dollar supply of lithium ion batteries over the coming decade for Volvo and Polestar models,” said the car maker. Volvo announced in 2017 that, from this year, all of its new models would be electrified. It also wants 50 per cent of its global sales to be electric cars by 2025. This agreement with CATL of China and LG Chem of South Korea will help secure that goal, and comes ahead of Volvo launching its first electric car later this year, a zero-emission variant of the existing XC40 compact SUV. The issue of battery supply is crucial for car makers as the industry forges ahead with electrification: in the last 18 months, a number of manufacturers are understood to have faced supply shortages forcing electric vehicle delays. This deal covers battery supply for the next generation of Volvo’s larger models, such as the XC60 and XC90, which will be built on a new SPA2 platform as well as cars on the maker’s existing CMA platform used in smaller models such as the XC40 and Polestar 2. “The future of Volvo Cars is electric and we are firmly committed to moving beyond the internal combustion engine,” said Håkan Samuelsson, Volvo CEO. “Today’s agreements with CATL and LG Chem demonstrate how we will reach our ambitious electrification targets.” Volvo’s first battery assembly line will launch before the end of the year at Volvo’s plant in Ghent, Belgium where the electric XC40 will be built. Plug-in hybrid variants of the XC40 are already underway on the
Origin: Volvo announces multi-billion dollar battery supply deal

The owners of Jaguar Land Rover have denied reports that they are close to finalising a deal to sell the car firm to the PSA Group. The Press Association has reported seeing a ‘post-sale integration document’ that has been circulated within JLR, highlighting the benefits of the company being sold by Tata Motors to PSA, which comprises Citroën, DS, Peugeot and Vauxhall/Opel. A source also told the PA that “things are moving quickly behind closed doors.” In reponse, Tata Motors re-affirmed a previous statement saying that “there was no truth to rumours that Tata Motors is looking to divest its stake in JLR.” A PSA Group spokesperson told PA that it was in “no hurry” to make any acquisitions, but added it would “consider” any oportunities that came along. PSA boss Carlos Tavares has been open in recent months about his desire to expand the group, either through acquisitions or partnerships with other car firms. Tavares led PSA’s purchase of Vauxhall/Opel from GM in 2017. The Peugeot family, which owns the largest stake in the PSA Group, also recently said it would back future mergers or acquisitions, including with the FCA Group. In an exclusive interview with Autocar India recently, Tavares was asked about the firm’s interest in Jaguar Land Rover. He said that it would be good for PSA to have a luxury brand, and that the company was “considering all opportunities,” adding he would be interested “as long as it’s not a distraction.” Tavares said that there had been no discussions with Tata Motors about Jaguar Land Rover yet. He also said that “we don’t have a specific target but if there are opportunities, of course, we will consider it.” Asked further about adding a luxury brand that would sit about DS, Tavares said: “Why not? Why shouldn’t we discuss it? It depends on what kind of value creation we could generate.” Jaguar Land Rover has struggled in recent months, hit by falling demand for diesels and the decline of the Chinese market. Recent heavy losses, including an asset writedown, also caused the Tata Group to post a quarterly loss. Tavares cited PSA’s success in turning around Vauxhall/Opel, which posted its first profit in 20 years recently, suggesting it could have a similar impact on the strugging British firm: “With Opel, we have demonstrated that we can turn around a company that was in the red for 20 years, in 12 months. So this is something we know how to do.” Tavares said the group’s current focus was on its ‘Push to Pass’ strategic growth strategy to expand the company’s global presence, including expansion into the US, Russian and Indian markets. In a statement to Autocar India following its interview with Tavares, Tata Motors said that Jaguar Land Rover was not for sale. Following Jaguar Land Rover’s 2018 losses, Tata’s boss had previously affirmed its commitment to the
Origin: Jaguar Land Rover owner denies deal to sell firm to PSA is close