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Volvo hopes to reach an agreement with Asian suppliers to complete the supply of Volvo car batteries, which will solve Volvo's difficulties in electrification strategy.

Samuelson, Volvo's chief executive, said production was limited because hybrid models needed more inverters, batteries and other equipment such as chargers.

Samuelson also said that Volvo currently accounts for 10% of Volvo's global sales of plug-in hybrids, which is still relatively high. Volvo predicts that hybrid models will continue to grow substantially by the end of this year, accounting for 20-25%.

In 2017, Volvo officially said that "the era of pure internal combustion engine cars is coming to an end." So starting from 2019, Volvo will only produce three types of cars, namely, pure electric, hybrid and plug-in hybrid models, and each new model will be equipped with electric motors.

Last week, Volvo signed a long-term agreement with Chinese battery maker Ningde Times and South Korean battery makers to supply up to $1 billion of family lithium-ion batteries to Volvo's hybrid models over the next decade.

Because Volvo is not the only company that makes hybrid models, the main content of the agreement is to ensure the supply of batteries to Volvo.

Volvo believes that the company's demand for hybrid power is still very high. In the coming year, sales will reach more than 20% of total sales.

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