New EV platform on the way
Volvo borrows hundreds of millions from the European Investment Bank (EIB). The manufacturer needs the money to properly implement its plans for full electrification.
In 2021, Volvo announced that it will only sell new electric cars from 2030. This not only means that Volvo will only introduce EVs from that year onwards, but also that the combustion engine must be completely phased out by the brand. To make that intention a reality, Volvo obviously needs a lot of validity. It borrows part of this from the European Investment Bank (EIB). Volvo Car Corporation and the European Investment Bank have sat down around the table. The result: Volvo receives a loan of €420 million from the EIB.
Volvo will use the money for the development of fully electric cars and everything that entails. This includes not only the development of a completely new EV platform, but also the development of software and new production techniques. At Volvo, 2024 seems to be mainly the year of the electric EX30, a relatively compact electric crossover with an interesting price.
– Thanks for information from Autoweek.nl