Summary
Volvo's CEO, Håkan Samuelsson, announced plans to produce a new, larger hybrid car designed for the U.S. market at their South Carolina plant. This move aims to appeal to American families and address the slower adoption of full electric cars. The company also plans to export the hybrid model internationally, but not to China.
Key Facts
- Volvo plans to produce a new car in South Carolina specifically for the U.S. market.
- The new car will be a larger, family-friendly hybrid model.
- This hybrid model will cater to areas where electric car adoption is slow.
- Volvo intends to start selling this model in 2029.
- The company will not export this hybrid model to China.
- Volvo's strategy includes a focus on both hybrid and fully electric vehicles.
- The company had initially underestimated the time needed to transition fully to electric vehicles.
- The South Carolina plant is seen as an important asset for Volvo’s U.S. production.
