Not so long ago Volvo made an announcement that in 2019 the company will start producing cars with only electric and hybrid engines. The company plans to launch 5 electric vehicles in 2021. Three of them will work within the brand Volvo, and the other two will release a new department of the company Polestar.
Volvo is one of the first major manufacturers that switched to hybrid engines, abandoning internal combustion engines. The company plans to sell more than 1 million cars by the electric motor until 2025, promising to avoid any disruptions and delays in the supply of electric cars.
The cost of Tesla on the stock exchange fell by 7%. Experts argue that the assessment of the company directly affected the statement of Volvo. Also recently, Tesla faced a problem of lack of batteries, which are used to produce electric cars. This all gives Volvo a good chance to break into the market and offer its products to the general public.
Volvo plans to manufacture all its electric vehicles in China and export them to the markets of other countries and regions. China is a very important market for car manufacturers on electric motors. That’s why Volvo is interested in working in the Chinese market and already in 2021 will be able to make a huge competition to the world famous brand Tesla.