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Volvo wants half of sales from electrics in 2025

Swedish maker's chief vows to 'move faster' than rivals in electric push

Volvo Cars CEO Hakan Samuelsson, left, and Li Shufu, chairman of Chinese automaker Zhejiang Geely Holding Group, attend Auto China 2018 in Beijing on April 25. (Photo by Akihide Anzai)

BEIJING -- Volvo Cars aims to boost sales of electric vehicles so that they account for 50% of total units by 2025, the Swedish premium automaker said Wednesday at the Auto China 2018 show.

CEO Hakan Samuelsson talked more about the plan in an interview with the Nikkei Asian Review later that day.

Volvo targets sales of 400,000 to 500,000 pure electric vehicles yearly, up from previous plans to sell a total of 1 million electric vehicles and plug-in hybrids by 2025.

"We are a relatively small company in the world, so we must move faster than others," Samuelsson said on the opening day of the show.

"To think about electrification, we must consider infrastructure or cost development," he said. "But we foresee what is happening right now. We want to transform faster."

Volvo announced last year that starting in 2019, all new models will have an electric motor, either as an electric vehicle or a hybrid.

Zhejiang Geely Holding Group, the Chinese parent company of Volvo Cars, also will focus on electric vehicles. The two companies expect to cooperate in research and development as well as manufacturing.

Geely's new brand Lynk & Co is based on Volvo's technology, and Volvo Cars will manufacture Lynk & Co vehicles at its Belgium plant.

"Lynk & Co can become a special brand in Geely group like Lexus of Toyota," said Samuelsson. "Volvo Cars and Lynk & Co can be closer, and share technologies."

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