Volvo cars have unveiled plans to invest 700 million SEK [ 8,274,1337 Dollars] in a bid to assemble electric motors at its powertrain plant in Skovde, Sweden. They also made plans to complete in-house e-motor production by mid-decade.
It no longer that the world is moving fast to renewable energy in a bid to save our planet. By the year 2030, all new cars will be electric, I am not sure if there will be any car that will be produced with a combustion engine. Lamborghini recently unveiled their hybrid supercars, McLaren also unveiled its hybrid Arturo, Bentley followed suit, 2021 HUMMER EV debuted with a fully electric car that produces a whopping 1000 horsepower, among other recently released electric cars.
The company is committed to becoming a premium electric car company and aims for its global sales to consist of 50 percent fully electric cars by 2025, the rest hybrids.
The Skovde plant has been in operation since 1927. Design and development of the company’s electric motors take place in Gothenburg, Sweden, and Shanghai, China. Volvo Cars opened a new electric motor lab in Shanghai earlier this year, in addition to ongoing e-motor development in Gothenburg, Sweden, and state of the art battery labs in China and Sweden.
 Read more about hybrid cars here.
