Volvo Cars said on Wednesday it will make the cobalt used in its batteries globally traceable using blockchain technology, following an agreement with its two battery suppliers, China’s CATL and South Korea’s LG Chem.
Volvo, owned by China’s Geely Holding, has lined up deals with CATL and LG Chem covering the battery supply over the coming decade for next generation Volvo and Polestar models, including the recently launched electric model XC40 Recharge.
Carmakers, under pressure to show electric vehicle batteries are sourced responsibly, are exploring the usefulness of blockchain – the immutable ledger technology – to improve scrutiny of supply chains and show sourcing does not rely on conflict minerals or child labour.
“With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimising any related risks, in close collaboration with our suppliers,” Volvo Cars head of procurement, Martina Buchhauser, said in a statement.
South Africa Today
Read more at VolaNews
