After Bentley, Volvo Cars is now all set to only sell battery-powered cars by 2030. The Chinese-owned Swedish brand known for manufacturing some of the safest cars in the world will roll out the latest lineup of electric vehicles and has unveiled its battery only powered car on Tuesday. Volvo has also decided to sell its EVs only through an online model.
Volvo Chief Executive Officer Hakan Samuelsson also said that the automaker is fully committed to become a market leader in the fast pace premium EV segment globally. Volvo's move will challenge plans of Jaguar, Land Rover, Volkswagen AG, General Motors, and more to offer battery-powered vehicles in the upcoming years.
Volvo's Chinese owners have helped the auto giant to ramp up investment in the EV technology since 2017 when it first announced the intent to phase out internal combustion engine (ICE) from its product offering. Volvo has also pledged route around 5 percent of annual revenue into R&D of electric vehicle technology. In 2020, Volvo was able to sell over 6,60,000 cars globally and reported the revenue of $31.2 billion.
Volvo expects to sell half of its vehicles as battery-powered cars by 2025. Volvo has also announced that purchase made through the all online platform will be closed at non-negotiable fixed prices. However, dealers will remain the part of sales, delivery, and service process.
CarInfo believes that the push by major automakers towards cleaner electric technology is a welcome move and would help in reducing vehicular pollution on roads.