Volvo CEO warns automakers to move too slowly into electric cars
Volvo CEO Jim Rowan believes that while the auto industry is making a rapid transition to cleaner and greener mobility solutions, including the development of electric powertrain technology, speed is not yet available. enough. He has said that Volvo’s competitor brands have been slow to switch to electric mobility. Volvo executives believe that tiptoeing toward an all-electric future while preserving the internal combustion engine is an unhealthy mindset.
Volvo executives believe that by simultaneously investing in internal combustion engines and battery electric vehicles, automakers are in danger of missing out on the market. He also added that the Swedish carmaker doesn’t want to risk missing out on the market. This is why it has adopted an aggressive electrification strategy, with plans to go all-electric globally by the beginning of the next decade, said Rowan.
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He believes that an aggressive strategy to electrify the product line will help luxury automakers capitalize on positive global demand for electric vehicles. In short, he stated that luxury car brands should invest more in electric powertrain technology and they should do it actively.
Rowan also hinted that Volvo will launch a variety of electric vehicles over the next three to four years. They will include both small crossovers and large flagships. “The big problem with industry transitions is that if you don’t invest in the trend, you will miss that inflection point and you are not ready when the market changes,” he said, adding that Volvo is investing ahead of the trend. The Volvo executive adds that the market is moving towards electrification and the industry should be ready.
Meanwhile, Volvo is actively preparing to bring its electric vehicles to India. The automaker has launched Top up XC40 compact crossover in India, currently the most affordable luxury EV in India. Besides, it is currently preparing to launch C40 Recharge for India by the end of 2023.
Date of first publication: February 16, 2023, 5:44 PM IST