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It will do so by improving lithium-ion battery technology in its upcoming second generation of electric cars, starting with the company's first SUV based on new all-electric technology.
By the middle of the decade, with the launch of its third generation of electric cars, Volvo Cars plans to further improve range and integrate the battery into the floor of the car, using the battery structure to increase overall rigidity and improve economy. In the short term, Volvo Cars' plans include working with leading Swedish battery company Northvolt to further increase the energy density in its batteries by up to 50% compared to what is currently on the market. Later in the current decade, Volvo Cars also plans to exceed the 1000 Wh/l energy density milestone to achieve an actual range of 1000 km.Current charging times are expected to be almost halved by the middle of the decade, thanks to better battery technology and continuous improvements in software and fast charging technology.
As Volvo Cars evolves into an all-electric car company, sustainability becomes increasingly important. Volvo Cars has a clear strategy to further reduce the carbon footprint of batteries by optimising the use of the valuable material they contain. Where possible, the company aims to remanufacture or reuse batteries, and is also exploring the possibility of second-life applications such as energy storage. Where feasible, batteries that reach the end of their life cycle will be recycled at authorised recycling companies that can offer closed-loop recycling of critical materials for use in future batteries. Volvo Car Group's partnership with Northvolt will also provide greater opportunities to use the company's existing battery recycling operations.
Already with the upcoming new SUV, Volvo Cars will offer two-way charging, allowing customers to channel the extra electricity from their car's battery into the grid. This means that Volvo electric drivers can supply power to the grid when tariffs and CO2 emissions associated with electricity generation are at their maximum daily limit, and charge their car when emissions fall.
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