Volvo Cars, the Swedish auto maker owned by China’s Zhejiang Geely Holding Group, says electric vehicles make up more than a third of the company’s new car sales in the European Union, which has roared past China as the world’s biggest EV market.
Volvo Cars was one of the first well-known Western brands to shift its focus to making electric cars, at the expense of the internal combustion engine. Others have joined, including Volkswagen AG and General Motors Corp.
An article in Wall Street Journal quotes Volvo’s chief executive Håkan Samuelsson for saying the company is on track to shift half of its sales to fully electric vehicles by 2025. Volvo launched its first battery electric car last year, the XC40 compact SUV, and plans to launch another fully electric car this year.
The company said it sold 115,436 plug-in electric cars world-wide last year, about 17% of its total sales of 661,713 vehicles. In Europe, plug-ins accounted for 36% of total sales, driven by sales of the XC40 battery electric model, and the XC60 and V60 plug-in vehicles.