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Truck maker Volvo Group plans to build battery plant
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OSLO (Reuters) – Swedish truck maker Volvo Group plans to establish a large-scale production plant for battery cells, gradually building it up towards 2030 to meet a growing demand for zero-emission transportation, the company said on Wednesday.
OSLO (Reuters) – Swedish truck maker Volvo Group plans to establish a large-scale production plant for battery cells, gradually building it up towards 2030 to meet a growing demand for zero-emission transportation, the company said on Wednesday.
“There is a strong demand from our customers already today, and by 2030, it is our ambition that at least 35% of the products we sell are electric,” CEO Martin Lundstedt said in a statement.
“This ramp-up will require large volumes of high-performing batteries, produced using fossil free energy and it is a logical next step for us to include battery production in our future industrial footprint.”
The batteries will be tailored to commercial vehicles such as trucks, buses, construction equipment and other electric drivelines.
The development of a production site in Sweden’s Skaraborg region will be done together with partners, the company said.
The company did not provide an investment forecast.
(Reporting by Terje Solsvik; editing by Jason Neely)
Battery production refers to the manufacturing of batteries, which are essential for powering electric vehicles and other devices. This process involves assembling various components to create batteries that store and supply energy.
Electric vehicles (EVs) are vehicles that are powered by electric motors instead of internal combustion engines. They use batteries to store energy and are considered more environmentally friendly due to lower emissions.
Zero-emission transportation refers to modes of transport that do not emit harmful pollutants or greenhouse gases during operation. Electric vehicles are a primary example, as they produce no tailpipe emissions.
The Skaraborg region is located in Sweden and is known for its industrial activities. It is a strategic location for various manufacturing sectors, including the planned battery production facility by Volvo Group.
High-performing batteries are energy storage devices that provide greater efficiency, longer life, and faster charging capabilities. They are crucial for applications in electric vehicles and renewable energy systems.
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