What Happened: Volvo launched its first fully EV, the XC40 Recharge, in select global markets last year. Volvo’s second fully EV, the C40 Recharge, is being previewed for the media today for release later this year.
The company stated in a press release that half of its global sales will consist of EVs by 2025, with the rest hybrids, and all vehicles will be fully electric within nine years. The company also plans to only sell its EVs online.
"There is no long-term future for cars with an internal combustion engine," said Henrik Green, chief technology officer. "We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change."
Why It Matters: Volvo is the latest automobile manufacturer to switch its entire product line’s future into EVs, following General Motors Company (NYSE: GM) and Tata Motors Limited ADR (NYSE: TTM) down the road away from the gas pump.
Elsewhere in the automotive industry, Ford Motor Company (NYSE: F) plans to invest $1 billion in an EV production facility in Germany to make all of its European-based vehicles electric by 2030, while Volkswagen AG (OTC: VWAGY) owned by Porsche Automobil Holding SE (OTC: POAHF), plans to have 70 EVs on the market by 2030.
Related Link: Find out more about EVs on Benzinga.
(Photo courtesy Volvo.)
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