Volvo CEO's Korea Visit Sparks Speculation on Increased Cooperation with Domestic Battery Makers

Volvo Cars CEO Jim Rowan is set to visit Korea from March 12 through 14, marking his first trip to the country since taking office last year. The visit has raised speculation about the possibility of increased cooperation between Volvo and major domestic battery companies, including LG Energy Solution (LGES), Samsung SDI, and SK On. Volvo is pushing for a complete transition to electric vehicles (EV) by 2030, and the visit presents an opportunity for Rowan to discuss ways to cooperate with domestic battery makers.

Key Takeaways:

• Volvo Cars CEO Jim Rowan will visit Korea from March 12 through 14 to inspect major markets and discuss ways to cooperate with domestic battery makers.
• The visit comes as Volvo pushes for a complete transition to electric vehicles (EV) by 2030, releasing a new EV each year.
• Currently, Volvo has released two electric models, C40 and XC40, both equipped with LGES batteries, sparking speculation about expanded cooperation with LGES.
• Samsung SDI is already cooperating with Volvo's commercial vehicle division, supplying battery cells and modules to Volvo's first battery pack assembly plant in Ghent, Belgium.
• Samsung SDI will build an EV battery joint venture with GM in Michigan, USA, with CEO Choi Yoon-ho scheduled to sign a memorandum of understanding (MOU) with GM CEO Mary Barra on March 8.

Statistics:

• Volvo plans to release a new EV each year as part of its 2030 transition to electric vehicles.
• Two electric models, C40 and XC40, have been released by Volvo, both equipped with LGES batteries.
• LGES supplies battery cells and modules to Volvo's first battery pack assembly plant in Ghent, Belgium.
• Samsung SDI's new EV battery joint venture with GM in Michigan, USA, estimates an investment of between 3 trillion won ($2.31 billion) and 5 trillion won.

Sources:

• Industry officials
• Volvo Korea official
• LG Energy Solution (LGES) official
• Samsung SDI official