CATL inks agreement with Volvo

Chinese enterprise to supply lithium ion batteries for Swedish company

Battery giant Contemporary Amperex Technology Co Ltd (CATL) signed on Wednesday a long-term multi-billion dollar agreement to supply Volvo Cars with lithium ion batteries over the coming decade.

The agreement covers the global supply of battery modules for some of the Swedish carmaker's next-generation models, CATL said in a statement. The batteries for this deal will also come from CATL's overseas plant.