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Volvo plans to convert its main lineup of three SUVs and two sedans into electric vehicles, as well as launch a luxury electric truck to boost sales in Asia, according to sources familiar with the matter. Volvo is expected to launch at least six new pure electric vehicles by the end of 2026. Volvo has shifted development work on cars and upcoming models to its Shanghai R & D center. One of the sources said the center's design staff had tripled to about 60 and had recently moved to a new, larger building in Shanghai.

As of the time of publication, Volvo officials have not responded to the above news.

Electrification transformation is an important part of Volvo's sustainability strategy. In 2021, Volvo announced that by 2025, sales of pure electric models would account for 50% of total sales, with the rest being hybrid models; By 2030, it will transform into a pure electric brand, selling only pure electric vehicles and eliminating all cars equipped with internal combustion engines worldwide; By 2040, it will become a climate zero-load benchmark enterprise, and all pure electric models will be sold online only. In November 2022, Volvo announced that it would terminate the R & D and manufacturing of internal combustion engines by 2030 and realize full electrification. In order to realize the transformation to an all-electric vehicle manufacturer as soon as possible, Volvo Cars will divest its 33% stake in Aurobay to Geely Holdings, making it the first automobile manufacturer to completely withdraw from the development and manufacturing of internal combustion engines.

In the Chinese market, Volvo cars are one of the first traditional luxury brands to start electrification transformation, but Volvo electric cars in the Chinese market sales performance is very general. Taking December 2022 sales data as an example, Volvo electric vehicles sold the highest number of XC60 RECHARGE with 475 units, followed by XC40 RECHARGE with 464 units, S90 RECHARGE with 346 units and C40 RECHARGE with 266 units.

According to the official website, Volvo's domestic models in China include S90, S60, XC60 and XC40, among which S90, S60 and XC60 launch plug-in hybrid models on the basis of fuel vehicles, and XC40 launches pure electric vehicles on the basis of fuel vehicles. According to the data of new vehicle traffic insurance, the cumulative sales volume of S90 in 2022 was 33,700;S60L was 21,100; XC40 was 14,000;S60 was 7013; and C40 was 914.

Håkan Samuelsson, president and CEO of Volvo Cars Group, said: "To continue to lead the market, we must invest more in electrified models and new business models, and Volvo Cars will strive to be the market leader in the luxury brand pure electric segment." According to the latest news, the future Volvo car lineup will be 100% composed of pure electric vehicles, which means that cars powered by internal combustion engines will be completely removed from Volvo's product catalogue. According to the plan, from next year, Volvo plans to launch all models in the Chinese market will be pure electric cars, and this year Volvo will pre-sell large pure electric SUV EX90, the new car is Volvo's latest flagship model, based on the brand-new pure electric platform, will compete with Mercedes-Benz EQE SUV, BMW iX and other models after launch. At the same time, Volvo will launch a small all-electric SUV and luxury all-electric MPV models this year.

According to the data, the cumulative global sales volume of Volvo cars in 2022 was 615121 vehicles, down 12.0% year-on-year. In terms of sub-regions, Volvo's sales volume in Europe was 247413 vehicles, down 15.7% year-on-year, while sales volume in the United States was 102038 vehicles, down 16.5% year-on-year, while sales volume in China, the world's largest single market, was 162322 vehicles, down 5.4% year-on-year, of which sales volume of pure electric vehicles in China increased 201% year-on-year. However, this growth rate is still far from Volvo's target of 50% of pure electric model sales in 2025.

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