Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Volvo CEO to visit Korea to look for battery partners
Volvo C40 electric vehicle / Courtesy of Volvo Korea
By Kim Hyun-bin
By Kim Hyun-bin
Volvo Cars CEO Jim Rowan is scheduled to visit Korea next week, and the trip is drawing attention to see if the automaker intends to increase cooperation with major domestic battery companies LG Energy Solution (LGES), Samsung SDI and SK On, according to industry officials, Tuesday.
Rowan is scheduled to visit Korea from March 12 through 14, on what will be his first trip here since he took office in March last year.
“The purpose of the CEO's visit is to inspect major markets after taking office,” a Volvo Korea official said.
Rowan is one of the people leading Volvo's transition to electric vehicles (EV). During his visit to Korea, he will be able to discuss ways to cooperate with domestic battery makers. Volvo is pushing for a complete EV transition by 2030. As part of that plan, the automaker plans to release a new EV each year.
Volvo Cars CEO Jim Rowan
Currently, the automaker has released two electric models ― C40 and EX90 ― which are both equipped with LGES batteries, and there is speculation that Rowan could meet with LGES executives, including CEO Kwon Young-soo, to expand cooperation in future models.
But LGES said it is not aware of any meetings planned between the top executives.
“We do not have the CEO's schedule, but I haven't heard of any scheduled meeting,” an LGES official said.
Samsung SDI is already cooperating with Volvo's commercial vehicle division. Samsung SDI is supplying battery cells and modules to Volvo's first battery pack assembly plant established last year in Ghent, Belgium.
Volvo Construction Equipment will also supply cylindrical batteries to a battery pack plant built in Changwon, South Gyeongsang Province. Volvo Penta, a ship and engine manufacturer under Volvo Group, started an energy storage system (ESS) business that includes Samsung SDI batteries.
Samsung SDI says it has no meetings scheduled with the Volvo CEO during his visit to Korea.
Meanwhile, Samsung SDI plans to build an EV battery joint venture with GM in the U.S. state of Michigan and its CEO Choi Yoon-ho is scheduled to sign a memorandum of understanding (MOU) with GM CEO Mary Barra on March 8 (local time) to establish a battery plant there.
The new plant will be capable of producing 30 to 50 GWh annually and will be built near Lansing, Michigan. The estimated investment is between 3 trillion won ($2.31 billion) and 5 trillion won.