Volvo set to go all electric by 2019
Swedish car makers confirm all cars will have an electric power train within two years
by Abi Moses on 5th July, 2017
Swedish car-making giants, Volvo, have announced that from 2019 every car they produce will have an electric power train available, making the first major car manufacturer to go electric across their entire fleet.
In what Volvo described as "the historic end" of petrol and diesel-powered cars, the firm has claimed it "places electrification at the core of its future business."
Chief executive, Samuelsson, said "This is about the customer. People increasingly demand electrified cars and we want to respond to our customers’ current and future needs."
He added, "This announcement marks the end of the solely combustion engine-powered car. We have said we plan to have sold a total of 1m electrified cars by 2025. When we said it, we meant This is how we are going to do it."
At the turn of the century, Volvo were experiencing difficult times under the ownership of Ford. Ford's $6.45bn acquisition in 1999 led to more than a decade of falling sales and huge losses before they cut their losses and sold up to Chinese firm, Geely.
The Geely takeover of Volvo from Ford was completed in a $1.8bn deal back in 2010 and Geely immediately set about improving the struggling firm's fortunes, investing heavily in technology as well as many new models and facilities.
Under the ownership of Geely, Volvo have enjoyed something of a resurgence in the car manufacturing market. The latest annual results displayed a rise in annual sales, record revenues and a 66% boost in operating profits to £990m.
The exciting next phase for Volvo follows swiftly on from Tesla's announcement of its low-cost Model 3 electric car that is set to go on sale for approximately $35,000. The exciting updates certainly show the electric car market is continuing to gather pace.
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