Volvo Cars sees ‘tremendous growth’ in EVs, CEO says

Volvo Cars EVs growth



DAVOS, Switzerland— Volvo Cars CEO Jim Rowan told the Reuters Global Markets Forum in Davos on Wednesday that the company remains confident of “tremendous growth” in the electric vehicle market despite rivals’ gloomier projections.


The automaker, which aims for electric vehicles (EVs) to account for half of its sales volume by mid-decade and only EVs by 2030, said demand for its premium brand was growing faster than that of mass-market rivals.


In contrast to others, the CEO of Volvo Cars predicted global solid growth for electric vehicles, particularly in Europe.


Volvo has previously stated that it has no intention of participating in the Tesla-initiated price war due to its position as a premium brand with solid margins on its electric vehicles.


The CEO said customers would not be impacted by higher costs resulting from Red Sea shipping disruptions, adding that Volvo would cover any additional expenses.


Last week, Volvo announced that a delayed delivery of gearboxes was the reason for a three-day production stoppage at its Belgian factory.


In addition, the CEO told Reuters that he had big plans for India over the next five years, including introducing the more reasonably priced EX30 in 2025.

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