Premier automakers including Volkswagen Audi Group (VAG), Mercedes-Benz, BMW, and Jaguar have started making bold plans to move to all-electric vehicles in the near future. Volvo is the newest member of this exclusive club.
By 2030, the Swedish automaker, now owned by Geely, hopes to have converted its entire vehicle range to electric vehicles (EVs). The XC40 Recharge, an all-electric SUV, was the automaker’s first EV, which debuted in 2019. The SUV had a decent 200-mile range and could charge from 0 to 80 percent in less than 40 minutes.
Volvo also intends to conduct vehicle sales through an online network in order to reduce the operating costs associated with physical dealerships. In addition, the company plans to increase EV production by 50% in the next five years.