The Swedish based leading automotive company Volvo has decided to make only electric and hybrid cars from the year 2019. The company’s CEO Hakan Samuelson said Volvo is the first major automaker in the history to switch to the electric car division.
He is more confident that the company’s brand value will be strengthened by switching to electric car manufacturing. Volvo targets to produce 10 lakh units of electric cars by year 2025.
Mr. Hakan says electric cars have a high demand from customers. We have a responsibility to respond to customer’s needs, hence this decision has been taken. With the current technology, we have designed a car that can run up to 500 kms for one full charge, he added.
The Swedish company has been producing cars since 1927.