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Volvo has only just launched its first EV, the XC40 Recharge P8, but the Swedish company is already planning for the end of internal combustion. That’s because it is seeing what many other premium automakers are regarding as a crisis – the forthcoming ban on non-EVs in many parts of the world, possibly including California – as an opportunity to increase market share.
The brand is certainly leaping in with both feet. Volvo says fully half of its global production volume will be electric as soon as 2025, with CEO Hakan Samuelsson telling Autoweek that means we can expect to see the launch of at least one new electric model a year up to that point.
Volvo doesn’t know how quickly the world’s upmarket car buyers will switch to full electrification, and admitted this is likely to take place at different speeds in different territories – with much of the U.S. likely to be among the slower adopters.
Source – https://carsalesbase.com/
“If we electrify faster we have a big chance to be in a stronger position in the new premium electric segment,” he said, “if we can do it a little faster than the competition we should be in a stronger position.
“We are convinced the premium segment will be electric in the future, you can speculate on how long it will be until all premium cars are electric, but we have drawn the conclusion that if we want to be fast growing we should concentrate on that segment. It is much smarter for us than to try and take market share in a shrinking conventional car segment.”
“I think this is a once in a lifetime opportunity for the company,” Samuelsson says, “and that’s really what we’re going to do.”
Source: MSN
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