Top CEOs Warns EV battery Scarcity

EV battery Scarcity

The President and CEO of Volvo Group -Martin Lundstedt has predicted that scarcity of battery supply will become a pressing issue for automation sector.

“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, said on Thursday.

The automotive company said it is working on becoming a “fully electric car company” by 2030, this move will need a consistent and secure supply of batteries for its vehicles.

“I think battery supply is going to be one of the things that comes into scarce supply in the years to come,” Rowan said.

“And that’s one of the reasons we made that substantial investment with Northvolt: So that we can be in control not just of the supply, but we can actually start to develop our own battery chemistry and production facilities.”

This would enable Volvo Cars to be “in complete control of that electrical propulsion engine for the future,” he said.

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