SSDIY Samsung SDI Company Ltd (PK)

By Dominic Chopping

STOCKHOLM--Volvo AB said Tuesday that its Volvo Trucks subsidiary is opening its first battery assembly plant.

The Ghent, Belgium, plant will assemble cells and modules from Samsung SDI Co. into ready-to-install battery packs for Volvo Trucks' full electric heavy-duty trucks, the Swedish truck maker said.

"By integrating the battery assembly process in our production flow, we can shorten lead times for our customers and secure high-performing batteries, while at the same time increase circularity," Roger Alm, president of Volvo Trucks, said.

With production of three heavy-duty full electric models starting this year in Europe, Volvo Trucks said it will offer a total of six electric truck models globally.

By 2030, at least 50% of all trucks Volvo sells globally will be electric and by 2040 it will be a carbon-neutral company, it added.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

May 17, 2022 04:00 ET (08:00 GMT)

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