[Photo provided by Volvo Group]
South Korean battery maker Samsung SDI Co. has entered a strategic partnership to supply power for electric trucks under Swedish automaker Volvo Group.
The two companies announced Thursday they will jointly develop battery packs for Volvo electric trucks to be released later. The financial terms and other details of the deal were not disclosed.
Volvo Group is one of the world’s largest commercial vehicle manufacturers, with 38.1 billion euros ($42.9 billion) in revenue recorded last year. It released the first electric truck in Europe in February this year and is accelerating foray into the future mobility market on eco-friendly vehicles and driverless technologies.
“The alliance with Samsung SDI is an important next step on our journey towards offering the world’s most truly sustainable transport system with fossil-free alternatives for our commercial vehicles,” said Martin Lundstedt, president and CEO of the Volvo Group.
Samsung SDI also hopes the alliance with Volvo Group would help it make headways into other markets and further expand its business overseas.
“We are confident that this alliance will secure the market leadership of the two companies in the long-term,” said Jun Young-hyun, chief executive of Samsung SDI.
The Korean battery maker supplies its products to various global brands including BMW, Audi, Volkswagen, Jaguar Land Rover and Fiat Chrysler and has kept up efforts to add more clients. It recently has won an order for batteries for electric motorcycles from U.S.-based motorcycle manufacturer Harley-Davidson Inc, and Volkswagen also ordered batteries for its EV brand I.D. series, which will be mass produced by 2021, from Korean makers including Samsung SDI.
By Lee Jong-hyuk and Lee Ha-yeon
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