Volvo Cars "Future Is Electric" Says Buhbye To New Diesel Engines
May 16, 2018; The new Volvo S60 sedan - to be launched later this spring - will be the first Volvo to be produced without a diesel engine, highlighting Volvo Cars’ commitment to a long-term future beyond the traditional combustion engine.
All new Volvo models launched from 2019 will be available as either a mild petrol hybrid, plug-in petrol hybrid or battery electric vehicle. This is the most comprehensive electrification strategy in the car industry and Volvo Cars was the first traditional car maker to commit to all-out electrification in July 2017.
“Our future is electric and we will no longer develop a new generation of diesel engines,” said Håkan Samuelsson, president and chief executive of Volvo Cars. “We will phase out cars with only an internal combustion engine, with petrol hybrid versions as a transitional option as we move towards full electrification. The new S60 represents the next step in that commitment.”
Last month, Volvo Cars reinforced its electrification strategy, by stating that it aims for fully electric cars to make up 50 per cent of its global sales by 2025. The announcement was made at the 2018 Beijing Auto Show, positioning it as a powerful player in China, the world’s leading market for electrified cars.
The new S60, a premium mid-size sports sedan, is based on Volvo’s in-house developed Scalable Product Architecture (SPA), which also underpins the company’s award-winning new 90 Series and 60 Series cars. The S60’s estate sibling, the V60, was launched earlier this year in Stockholm.
The new S60 will initially be available with a range of four-cylinder Drive-E petrol engines as well as with two petrol plug-in hybrid versions. Mild hybrid versions will follow next year.
Production of the new S60 will start this fall at Volvo Cars’ brand new manufacturing facility outside Charleston, South Carolina. The Charleston plant will be the only manufacturing location for the new S60, meaning American-built S60s will be sold in the US market as well as overseas through exports.
Volvo Car Group in 2017
For the 2017 financial year, Volvo Car Group recorded an operating profit of 14,061 MSEK (11,014 MSEK in 2016). Revenue over the period amounted to 210,912 MSEK (180,902 MSEK). For the full year 2017, global sales reached a record 571,577 cars, an increase of 7.0 per cent versus 2016. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world with sales of 571,577 cars in 2017 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
In 2017, Volvo Cars employed on average approximately 38,000 (30,400) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).