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    Samsung SDI to expand partnership with Volvo for EV batteries

    Business
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    Last updated: November 7th, 2023 at 10:10 UTC+01:00

    Samsung SDI, Samsung Group's battery-making division, held a commemorative event today to celebrate five years of its partnership with Volvo Trucks. The South Korean firm has been supplying EV batteries for Volvo's electric buses and trucks. Both companies have decided to expand their partnership further by collaborating in move segments.

    Samsung SDI celebrates the five-year anniversary of its partnership with Volvo

    Martin Lundstedt, President and CEO of the Volvo Group, visited Samsung SDI's battery plant in Cheonan to tour the production line and to attend the fifth anniversary celebrations. The two firms have reportedly agreed to widen their collaboration and include segments like construction equipment and ESS (Energy Storage Systems).  Samsung SDI began supplying batteries to Volvo in 2018 through Akasol AG, a German battery system manufacturer. In 2019, the companies entered a strategic agreement to develop next-generation mobility systems. Under that agreement, Samsung SDI has been supplying batteries directly to Volvo since last year.

    The battery packs jointly developed by Samsung SDI and Volvo are being used in the latter's electric trucks. Volvo's FM Electric truck, which debuted last year, uses 28,000 units of Samsung SDI's 21700 high-nickel cylindrical batteries. At the InterBattery 2023 expo held in South Korea last year, it received significant attention. Volvo is planning to fully achieve its net-zero supply chain goal by the year 2040, and its partnership with Samsung SDI has been instrumental in this change from ICE (Internal Combustion Engine) to EVs.

    Samsung SDI CEO Choi Yoonho said, “We will strengthen our strategic alliance that has been maintained over the past five years and provide battery solutions ensuring the highest quality and safety, leveraging cutting-edge technology, for a wider range of Volvo Group applications.

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