April 16th, according to the latest news, Volvo Car Group officially announced on their official Weibo account that they have signed a strategic cooperation memorandum with CATL. The two parties will deepen their cooperation in the field of battery recycling and closed-loop management.
According to the agreement between both parties, in the future, Volvo Cars will recollect the retired batteries from the new energy vehicles sold in the market, as well as the scrapped batteries during the production process at the factory, and hand them over to Volvo-certified downstream suppliers for dismantling the waste batteries and extracting more than 90% of nickel, cobalt, lithium, and other metal materials. CATL will utilize these newly extracted recycled materials to produce new batteries, which will be used in the production of new Volvo cars.
Both parties will also establish an efficient, collaborative, and transparent management mechanism with the support of their respective research and development departments to ensure that the entire process fully meets Volvo's product quality standards and complies with relevant laws and regulations.
