JW Kim, executive vice-president of strategic marketing at Samsung SDI and Andrea Fuder, chief purchasing officer at the Volvo Group, at the signing of the agreement.
GOTHENBERG, Sweden – The Volvo Group and South Korean battery maker Samsung SDI have entered into a strategic alliance to develop battery packs for the Swedish company’s electric trucks, it was announced Thursday.
Under the deal, Samsung SDI will provide battery cells and modules for assembly in Volvo’s manufacturing operations, the two companies said.
The alliance will accelerate the speed of development and strengthen the long-term capabilities and assets within electromobility, Volvo said.
“With electromobility, the increasing needs for transport will be done in a cleaner and quieter way which opens up new possibilities for our customers and society as a whole,” said Martin Lundstedt, president and CEO of the group.
“The alliance with Samsung SDI is an important next step on our journey toward offering the world’s most truly sustainable transport system with fossil-free alternatives for our commercial vehicles.”
Samsung SDI CEO Young-Hyun Jun said the company is truly privileged to enter into a strategic alliance with the group.
“As we stand at the crosscurrents of the mobility and transportation industry, we are convinced that this alliance will provide superior offerings pertaining to energy, safety and sustainability to the commercial vehicle industry and beyond,” he said.