Volvo has outlined its plan to launch a new electric vehicle every year until 2025, TechCrunch reports.
Volvo said this will reduce the carbon footprint of its vehicles by 40%, despite the fact that it plans to triple its manufacturing capacity.
The ultimate goal of this strategy is to make Volvo a completely climate-neutral company by 2040.
Hakan Samuelsson, Volvo Car Group CEO, said that this plan will fundamentally change the structure of the company.
“We made safety a part of our brand and part of our company, we should do exactly the same with sustainability,” said Samuelsson.
Volvo hopes that 50% of its global sales will comprise all-electric vehicles by 2025, with the other 50% consisting of hybrids.
The company also said that all Volvo vehicles launched from this point on will have an electric component – either hybrid, plug-in electric, or all-electric.
Volvo announced its aggressive electric vehicle strategy at the launch of its first electric car, the XC40 Recharge.
This vehicle is based off Volvo’s traditional XC40 SUV, and has been equipped with a battery that can travel over 400km on a single charge.
The XC40 recharge also offers a fast-charger system that allows it to reach 80% of its capacity in just 40 minutes.
The XC40 recharge offers users 408 horsepower, which allows the vehicle to travel from 0-100km/h in just 4.9 seconds.