Volvo CEO warns automakers on moving too slow into EVs

While the auto industry is transitioning rapidly towards greener and cleaner mobility solutions, which include developing electric powertrain technology, the pace is not enough, believes Volvo CEO Jim Rowan. He has said that the competitor brands of Volvo are pretty slow when it comes to moving towards electric mobility. The Volvo CEO believes that it is an unhealthy thought to tiptoe toward an all-electric future while preserving internal combustion engines.

By: HT Auto Desk
| Updated on: 16 Feb 2023, 17:44 PM
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Volvo C40 Recharge is going to be the brand's second EV in India.
Volvo C40 Recharge is going to be the brand's second EV in India.
Volvo C40 Recharge is going to be the brand's second EV in India.
Volvo C40 Recharge is going to be the brand's second EV in India.

The Volvo CEO believes that by investing in internal combustion engines and battery electric vehicles simultaneously, the automakers are risking missing the market. He also added that the Swedish auto manufacturer doesn't want to risk missing the market. This is why it has adopted an aggressive electrification strategy, with plans o go fully electric globally by the flip of the following decade, said Rowan.

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He believes that an aggressive strategy to electrify the product lineup will place luxury automakers to capitalize on the positive demand for electric vehicles globally. In short, he stated that luxury car brands should invest more in electric powertrain technology, and they should do that aggressively.

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Rowan also hinted that Volvo would launch multiple electric vehicles over the next three to four years. These will include small entry-level crossovers and large flagship models as well. “The big problem with industry transitions is if you don’t invest ahead of the curve, then you miss that inflection point, and you’re not ready for when the market changes," he stated, further adding that Volvo is investing ahead of the curve. The Volvo CEO further said that the market is moving towards electrification, and the industry should be ready.

Meanwhile, Volvo is gearing up to bring its EVs to India aggressively. The automaker has already launched the XC40 Recharge compact crossover in India, which is currently the most affordable luxury EV in India. Besides that, it is now gearing up to launch the C40 Recharge to India later in 2023.

First Published Date: 16 Feb 2023, 17:44 PM IST
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