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Volvo Group has announced plans to sell electric versions of its heavy-duty trucks starting in Europe from 2021.
The range of the trucks could be up to 186 miles and volume production will begin in 2022, according to a statement by the Swedish truck-maker on Thursday.
“We’re determined to continue driving our industry towards a sustainable future," said Roger Alm, President of Volvo Trucks.
Volvo is also planning to sell electric trucks powered by hydrogen fuel cells for long-haul operations in the second half of this decade. By 2040, all the trucks that the company makes should be fossil-free, a spokesperson said.
As part of its transition to electrified vehicles, the company has announced plans to sell its first debut green bonds via a new financing framework.
The framework, which is classified as “Dark Green" by research firm CICERO, will also enable Volvo Financial Services to offer green loans to customers who buy electric products.
In recent weeks Volvo Car AB, Daimler AG and Volkswagen AG have locked in lower borrowing costs by tapping into the insatiable demand for green assets. Another Swedish truckmaker, Scania CV AB, said last month that it’s planning to sell an inaugural green bond in its home market.