Electric vehicle adoption has progressed much further than most people predicted a decade ago. While the US has seen only modest growth, countries like China, those in South America, and Europe have experienced faster uptake than expected. Recently, however, adoption has slowed in the US, Europe, and even China as government policies have shifted. Some automakers have scaled back their EV plans, writing off billions in investments due to changes in strategy. Despite this, Volvo Cars remains committed to its electrification goals.
Håkan Samuelsson, CEO of Volvo Cars, recently discussed the company's unwavering focus on electrification. At 75, Samuelsson has witnessed many industry changes and believes that, despite short-term setbacks, the shift to electric vehicles is inevitable. He argues that it is wiser to prioritize long-term progress rather than react to temporary trends.
Samuelsson reaffirmed his previous statement that Volvo Cars should be fully electric by 2030 and remains firm on this vision. “We should be prepared to be all electric because I am totally convinced the future for a small company like Volvo is not to try to slow down development. We should try to speed up,” he said. He also emphasized that the entire industry should aim for faster progress, stating, “We think it should be faster and we want to be faster than the others.”
While globalization defined the 20th century, Samuelsson believes the auto industry now requires a regional approach. “Globalisation is dead. Now it is a regional world,” he said. Models designed for China will likely remain in China, and those for Europe will stay in Europe. The US, meanwhile, lags behind in electrification and continues to favor gas-powered vehicles, including plug-in hybrids.
Samuelsson sees potential for the Volvo X60 and the larger, three-row Volvo EX90 in the US market. However, it remains to be seen how much these models will contribute to Volvo’s full electrification in the US. For now, the US is not leading Volvo’s transition to electric vehicles.
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