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Today, at Volvo Automotive Technology Day, Volvo announced that it would transform itself into an all-electric luxury car company by 2030, with major upgrades to hardware, software and battery life. Volvo said it hopes to more than double the real mileage of existing electric vehicles in the future, achieve shorter charging time, and pay lower maintenance and charging costs for electric vehicles. Volvo plans to meet its global sales target of 1.2 million vehicles by 2025, at least 50 per cent of which will be pure electric vehicles.

In addition, Volvo also revealed that under the premise of obtaining user permission and authorization, it will develop new safety technologies in the next generation of models by collecting and processing real-time traffic data of users' cars, so as to continuously upgrade car safety. The data for these users to develop new security technologies will come from the high-resolution lidar provided by the technology company Luminar and real-time data from the surrounding environment of the vehicle collected by a number of other sensors. To process real-time traffic data, Volvo and Zenseact are jointly investing in a data factory that is expected to process more data than 200PB in the next few years. In terms of battery life, Volvo said it would choose lithium battery technology and apply it to the upcoming second-generation electric vehicles. By 2025, Volvo will launch its third-generation electric vehicle products.

It is worth noting that Volvo, which recently partnered with Swedish battery company Northvolt, said it plans to increase its battery energy density by 50% compared with current market standards, hoping to break through 1000Wh/L within a decade and achieve an actual range of 1000 km. Swedish Volvo CEO Samuelson said in an interview with the media that the company's plan to complete its first IPO by the end of the year is "making good progress". It is studying whether it is possible to list on the Nasdaq Stockholm exchange by the end of this year. " The news about Volvo's IPO was put in the process as early as 2018, when it hired top investment banks, including Citigroup, Goldman Sachs and Morgan Stanley, to coach Volvo when Geely valued Volvo at $160 to $30 billion, while Volvo was valued at $12 to $18 billion, a huge difference that ultimately affected the termination of the listing.

It was reported in March that Geely would consider restarting Volvo's $20 billion IPO. An Conghui, CEO of Geely, has said that Volvo's IPO plan is expected to proceed "quickly". On May 13, Volvo's board of directors began to assess the possibility of an IPO. The final decision on whether to go public depends on market conditions, and there is no guarantee that the listing will take place. The board also decided to extend the appointment of CEO until the end of 2022. After the realization of IPO, Geely Holdings Group will still be a major shareholder of the company. Samuelson also pointed out that Volvo and Geely will continue to share vehicle structures, internal combustion power systems and other components, but the two companies will maintain a "certain distance" when working together in accordance with the way independent companies operate.

Volvo sold 64111 vehicles worldwide in May, up 43 per cent from the same period last year, according to figures. In the first five months of this year, Volvo sold 331233 vehicles worldwide, up 49.9% from a year earlier. In the Chinese market, Volvo sold 16895 vehicles in China in May.

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