Geely-owned Polestar has confirmed that leading battery makers CATL and LG Chem will supply batteries for the company's electric performance cars, as part of multi-billion dollar agreements signed by Volvo Car Group.
The agreements cover the supply of lithium ion battery modules for the forthcoming global portfolio of Polestar models over the coming decade, starting with the brand's first fully electric car, Polestar 2, from early 2020. These suppliers will also provide batteries for Volvo's future electric vehicles.
"With these suppliers in place we have the secure knowledge that our electric performance cars will be powered by high-quality batteries that our customers can rely on," comments Thomas Ingenlath, Chief Executive Officer of Polestar.
CATL of China and LG Chem of South Korea are well known as battery manufacturers, with long track records supplying lithium ion batteries to the global automotive industry. In a statement, Poletsrat said they fulfil the strict sourcing guidelines put forth by Polestar and Volvo Cars in terms of technology leadership, responsible supply chains and competitive cost models. In China, battery supply will benefit from the scale of the wider Geely Group.
Polestar (owned jointly by Volvo Cars and Geely in a 50:50 split) said the synergies between Polestar and its parent companies present benefits, with battery supply being a primary example.