""I've been in the automotive industry for 20 years. Of course, I've had my stick shifts, rear-wheel drives, slippery snow driving. I wasn't convinced in the beginning-then I got into the electric car, and I understood.""
"Volvo has committed to going fully electric by 2030, but it faces scrutiny following a bumpy 2025, with sales of electric vehicles struggling in Europe and America."
"The twin concerns of range anxiety and price continue to leave customers skeptical, while the European Union's decision to move more slowly on phasing out internal combustion engines is described as 'going backward.'"
"Volvo's gross margin fell to 15.8%, and its share price slumped by 20% to 22 sek, well below its 2021 IPO price of 53 sek."
Erik Severinson, Volvo's chief commercial officer, initially skeptical about electric cars, now advocates for their future. Volvo aims to be fully electric by 2030, but faces challenges as electric vehicle sales decline in Europe and America. Government subsidies are being withdrawn, and public skepticism remains due to concerns over range and price. The European Union's decision to slow the phase-out of internal combustion engines is seen as a setback. Volvo's financial results show a decline in profits and share price, reflecting the volatility of the automotive industry.
Read at Fortune
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