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Tag: Jim Rowan

Most auto executives agree the transition to EVs is inevitable

How rapidly to make the switch is another question, and the one that is driving divergent strategies.

Ryan Felton, of the Wall Street Journal, reports traditional auto makers have pledged to transform their model lineups to EVs, but timelines vary.

Focused mostly on the profits, car makers do not want to get ahead of consumer demand on EV rollout. That could inflate their costs and hurt sales of ICE-powered vehicles, profits from which are needed to develop electric vehicles.

However, they know that lagging behind rivals would harm their chances to establish themselves in a major growth area over the next decades.

“We don’t want to risk missing the market,” Volvo Car AB Chief Executive Jim Rowan said during an earnings call this month. The Swedish auto maker is among those seeking to rapidly evolve into an electric-only manufacturer, saying it will offer an all-EV lineup by 2030. Last year, 11% of Volvo’s vehicle sales were electric.

Volvo CEO warns competitors against moving too slow into EVs

General Motors, Ford, and other large manufactures have recently committed billions of dollars towards further development of internal combustion engines (ICE) and their dinosaur-juice fuelled vehicles.

Commenting on his competitors’ slower move to electric vehicles, Volvo Cars’ new CEO Jim Rowan is promoting a different approach, and cautions his competitors against hedging their bets by investing heavily in internal combustion engines (ICE) as they “risk missing the market.”

LMC Automotive reported EV sales surged 72% globally to 7.97 million vehicles in 2022. Nearly 10 percent of new light vehicles sold were pure battery electric vehicles (BEV).

Volvo EX90

Volvo EX90

Volvo is introducing two new EV in 2023 and plans to launch a new EV model every year for the next three or four years.

The flagship Volvo EX90 all-electric 7-seat SUV and a second, more modest crossover will both be in production by the end of this year.

Source » Automotive News 🔒 /

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