Volvo plans to produce more electric, autonomous and shared vehicles

Volvo plans to produce more electric, autonomous and shared vehicles

According to a recent announcement made by Volvo Cars CEO Hakan Samuelsson, the Swedish automaker apparently has plans underway to manufacture more electric, autonomous, and shared vehicles.

The announcement, made by Samuelsson in Volvo’s June 7 business update, clearly underscores the fact that Volvo has some aggressive plans to go big on fully electric cars, as well as self-driving vehicles and shared cars.

In announcing Volvo’s business goals with regard to future technology, Samuelsson said that the automaker will achieve its ambitious goals for fully electric and self-driving cars over the next several years, not in the distant future. Samuelsson further specified said that Volvo is hopeful of realizing all its future-tech business goals by “the middle of the next decade.”

As per the details shred by Samuelsson, Volvo expects that 50% of its annual sales by 2025 will be contributed by fully electric vehicles; while one-third of its annual sales by the same timeline will be attributable to vehicles with self-driving capabilities. The automaker is also hopeful that 50% of its vehicles would likely be owned by customers using its recently launched subscription service.

In elaborating Volvo’s plans, Samuelsson said that the expectations of Volvo customers are “changing rapidly,” and added that the automaker’s planned initiatives will “help transform Volvo from being purely a car company to being a direct consumer services provider.”