Autos

Autos CEO warns of battery supply scarcity as EV competition heats up

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In 2021, Volvo Cars said it planned to become a “fully electric car company” by the year 2030, a move which will require it to have a consistent and secure supply of batteries for its vehicles.

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The new CEO and president of Volvo Cars has predicted that scarcity of battery supply will become a pressing issue for his sector, telling CNBC the firm has made investments that would help it gain a foothold in the market.

“Recently, we made a reasonably substantial investment with Northvolt, so that we are in control of our own battery supply as we go forward,” Jim Rowan, who joined the business last month, told CNBC’s “Squawk Box…



Source cnbc.com

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