Volvo CEO Jim Rowan warned that other automakers that refuse to abandon gasoline-powered car production “are missing out on the [EV] market. “
Volvo plans to transfer to electric until 2030. Rowan said on a conference call last week:
The big challenge with trade transitions is that if you don’t invest ahead of the curve, you miss that tipping point and are not in position when the market changes.
We face the curve.
The market is moving towards electrification, and you better prepare for it. We’ve been enough [to] invest before this tipping point, which we know will happen.
Volvo’s profit in 2022 is $32 billion, up 17% from 2021. This is the highest turnover ever recorded by the automaker in its history.
Electric cars accounted for 11% of Volvo Cars’ sales and more than doubled to 4% in 2021. Volvo’s fourth-quarter EV sales peaked at 18%, up from 6% year-on-year. If all Volvo It includes the diversity of BEV charging and plug-in hybrids, which make up 33% of total sales and 41% in the fourth quarter alone.
By 2025, Volvo’s electric and petrol models will achieve price parity. The raw materials of the battery, especially lithium, have been the main obstacle. Rowane said:
That’s pretty much the state of affairs on the road to large-scale adoption.
We are in talks with mines and processing plants to get [lithium] direct at more predictable costs.
We think Rowan is right. First you gave the impression in our heads, Toyota, because you stubbornly stick to a hybrid lane, adding gas.
CEO Akio Toyoda, grandson of Toyota’s chairman, will step down in April to boost the development of electric vehicles.
The new president, Koji Sato, former Lexus logo director, said Toyota will “drive the shift to electrification. “A Toyota press on February 13 states: “Now that the time is right, we will push the progression of the BEV forward with a new approach. But this edition also says:
We will follow an omnidirectional technique starting from our multichannel.
In this lane, battery electric vehicles, or BEVs, are also a vital option.
So Toyota hedges its bets. In between, our cash is in Volvo. But one hundred percent electric is our ideal.
Read more: North America’s Largest Lithium Mine May Now Emerge from the Ground – It’s Wonderful News for Electric Vehicles
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Michelle Lewis is editor of Electrek and DroneDJ, 9to5Mac and 9to5Google. He lives in White River Junction, Vermont. He previously worked for Fast Company, The Guardian, News Deeply, Time and others. Message Michelle on Twitter or michelle@9to5mac. com. Check out his private blog.