25% of Volvo models sold in H1 2021 are xEVs, highest for major manufacturers
CY Foong · Jul 26, 2021 11:00 AM
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Volvo Cars has just posted its best half-year results in terms of sales and profit in its 94-year history with 380,757 units sold worldwide. Of the total units, 25% of sales consist of fully-electric (EV) and plug-in hybrid (PHEV) models (93,795 units).
This gives the Swedish carmaker the highest electrification share as a proportion of total sales among traditional carmakers.
In March, Volvo announced plans to go fully electric by the year 2030. Around the same time, it launched its first EV designed from the ground up, the Volvo C40 Recharge.
To ensure its focus on electrification, Volvo Cars merged its internal combustion engine operations with parent company, Geely Holding to form Aurobay. Through this merger, the Swedes will realise synergies as well as securing a supply of competitive combustion engines for its hybrid powertrains until the company is fully electric.
Volvo Cars CEO, Håkan Samuelsson was quoted in the company’s latest interim report that the high sales figures for its electrified vehicles bolster their aim to be the fastest transforming company in the industry.
He has also stated plans to join forces with leading Swedish battery company Northvolt to develop and manufacture next-generation battery cells for future models. In May, Volvo announced that it is evaluating a possible initial public offering (IPO) on Nasdaq Stockholm. The evaluation process continues.
Volvo might be on track to its all-electric goal with many markets only offering electrified models. That includes Malaysia, in which the entire Volvo line-up only consists of PHEV models.
Traded advertising for a career that fits his passion for cars. Enjoys spotting cars during his free time and has a soft spot for Japanese Kei cars but drives a thirsty manual sedan.