All Volvo cars will be fully electric by 2030, the Swedish car maker said on Tuesday as it rolled out its second electric vehicle, the C40 Recharge.
The Gothenburg-based car maker, which is owned by China's Zhejiang Geely Holding Group, aims to phase out models in its global portfolio with an internal combustion engine, including hybrids, in the next 10 years.
By 2025, EVs will constitute 50 per cent of global sales as the company aims to reduce its carbon footprint per car by 40 per cent by the same year, Volvo said.
Restrictive emissions and fuel-efficiency regulations have forced car manufacturers to focus on vehicles that are more environmentally friendly. Last month, Jaguar Land Rover said its luxury brand Jaguar will go all-electric by 2025 as it aims to become a net-zero carbon business by 2039.
In January, General Motors, the largest US car maker, said it plans to eliminate petrol and diesel light-duty cars, including SUVs, by 2035. South Korean car maker Kia is planning to launch its first EV in the first quarter of this year, while Germany's Volkswagen, the second-largest car maker by sales last year, plans to unveil about 70 new electric models by 2028.
Volvo's EV ambitions build on the expectation that legislation as well as a rapid expansion of accessible high-quality charging infrastructure will accelerate consumer acceptance of EVs, it added.
“To remain successful, we need profitable growth … so instead of investing in a shrinking business, we choose to invest in the future – electric and online,” said Hakan Samuelsson, the company’s chief executive.
“We are fully focused on becoming a leader in the fast-growing premium electric segment.”
Volvo started production of its first fully electric car, the XC40 Recharge, in October last year.
The company said it will roll out “several additional” electric models in the coming years but did not specify the exact number.
“The C40 Recharge represents the future of Volvo and shows where we are going … there is no long-term future for cars with an internal combustion engine,” Henrik Green, chief technology officer at Volvo, said.
The transition will help the company to meet customers’ expectations and “be a part of the solution when it comes to fighting climate change”, he added.
Volvo's announcement follows strong earnings in the second half of last year. It reported its best-ever second-half profit and sales volumes.
During the six-month period, revenue increased 4.9 per cent annually to SEK151 billion ($18.2bn). Its operating profit rose 8.2 per cent to SEK9.5bn.
The company also reported its best ever January, after sales rose 30.2 per cent to 59,588 cars.
The%20Killer
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Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
UAE currency: the story behind the money in your pockets
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
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Abu Dhabi Sustainability Week
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Director: Mahdi Fleifel
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
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Engine: naturally aspirated 6.5-liter V12
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