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 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.
While we wait for Volvo’s promised electric onslaught of mid-size and compact electric sedans and crossovers, the Swedes have give us a sample of what is to come with the sub-compact XC40.
The Volvo XC40 is smaller than the Ford Mustang Mach E and the Tesla Model Y. It’s about the size of an Audi Q3 or Mercedes GLA, with 402 horsepower.
Alex on Autos »