HALF of Volvo Cars’ sales by 2025 will be full-electric vehicles, the company bared its target in a recent statement.
This follows an earlier announcement that says all new Volvo models released beginning 2019 will be available as either a mild hybrid, a plug-in hybrid, or battery electric vehicle.
The company’s strategy to generate half of its sales from electric cars by 2025 positions it as a powerful player in China, the world’s leading market for electrified cars.
Volvo said the Chinese government plans to have new-energy vehicles account for more than 20% of the country’s annual car sales by 2025, which equates to more than seven million vehicles, based on Chinese government forecasts.
“Last year, we made a commitment to electrification in preparation for an era beyond the internal combustion engine,” said Hakan Samuelsson, president and CEO of Volvo Cars. “We reinforce and expand that commitment in the world’s leading market for electrified cars. China’s electric future is Volvo Cars’ electric future.”
Volvo Cars currently produces the S90, S90L T8 Twin Engine in XC60 T8 Twin Engine in China.
Since 2010 Volvo Cars has been owned by the Geely Holding Group, a Chinese automotive manufacturing company.
The company said it would introduce the Volvo XC40 SUV in the Philippines within the year.