The companies said Friday they’ll set up a research facility in Gothenburg, Sweden next year that will sustain “a few hundred” jobs. They’ll decide on a specific location for their battery factory in the region early 2022.
Volvo Cars has gained more than a third since its October trading debut in Stockholm as investors bought into the company’s turnaround and promise of an electric future. The carmaker owned by China’s Zhejiang Geely Holding Group Co. plans to sell only fully electric vehicles by the end of this decade — up from 4% of shipments in the three months trough September.
The new Polestar 3 SUV will be built at Chinese-owned Volvo Cars’ plant in South Carolina starting in 2022.
Polestar expects global sales to hit 29,000 this year, and with plans to launch a new vehicle annually for the next three years, it expects to sell 290,000 units by 2025, Ingenlath said.
The Polestar 4 SUV coupe is scheduled to follow in 2023 and the Polestar 5 four-door GT in 2024. The company expects 40% of sales in the medium term to come from Europe and 30% each from North America and Asia.
Polestar expects revenue of $1.6 billion this year, double that amount next year, and is targeting $17 billion in 2025, according to Ingenlath.
Polestar and Volvo Cars are subsidiaries of China’s Zhejiang Geely Holding Group Co., Ltd.
The EV Rally of Scotland (EVROS) is a demonstration of Scottish EV charging infrastructure, combined with clean and innovative vehicle technology. The idea is to show that EV use across Scotland, and the rest of the UK, is not just ‘for the odd occasion’… It can be a ‘daily occurrence’… ‘the norm’!
The EVROS taking part during COP26. On Monday electric vehicles set off from Glasgow on a 5-day, 1200+ mile ‘e-Tour of Scotland’, taking in many of the beautiful landmarks in the country, but most importantly, showcasing the charging infrastructure across the region at the same time.
By the end of the week, the EVROS will have taken in every corner of Scotland, including a Western Isle, and will have completed more than 1900 km (1200 miles).
Four Kia electric vehicles are tackling the 1,200-mile ‘e-tour’ of Scotland as part of @TheEVROS, including the new EV6 and best-selling e-Niro proving the viability of fully electric road trips!
The EV rally set off from Glasgow on Monday and will continue until Friday. 🏞️🏴 pic.twitter.com/EtGrzsKhTO
— Kia UK PR (@KiaUKPR) November 10, 2021
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The Glasgow Declaration on Zero Emission Cars and Vans, announced at the COP26 climate summit, includes a commitment to “work towards all sales of new cars and vans being zero emission globally by 2040, and by no later than 2035 in leading markets”.
Chinese-owned Sweden-based Volvo has already committed to going fully electric by 2030.
Countries that did sign the declaration include » Austria, Canada, Chile, Croatia, Denmark, Finland, Iceland, Ireland, Lithuania, Netherlands, New Zealand, Norway, Scotland, Slovenia, Sweden, Turkey, the United Kingdom, and Uruguay.
Major auto producing countries notably absent include » China, Germany, Japan, and the United States.
Canadian provinces of British Columbia, and Quebec also committed.