Volvo has set an ambitious goal that electric cars will make up half of its annual sales will by 2025. The announcement builds on Volvo’s previous announcement that all of its models will be electrified starting in 2019. To coincide with today’s announcement, Volvo has also unveiled the XC40 T5 Plug-in Hybrid at the Beijing Motor Show.
It makes sense that Volvo made its announcement about its electric car goals today, since China is currently the world’s leading market for electric cars. The Chinese government wants “new-energy” vehicles to account for more than 20 percent of the country’s annual car sales by 2025.
“Last year we made a commitment to electrification in preparation for an era beyond the internal combustion engine,” said Håkan Samuelsson, president and CEO of Volvo Cars. “Today we reinforce and expand that commitment in the world’s leading market for electrified cars. China’s electric future is Volvo Cars’ electric future.”
While today marks the first time that we’re seeing the Volvo XC40 T5 Plug-in Hybrid, Volvo has not made any announcements about its powertrain or even when it will be available.