STOCKHOLM (dpa-AFX) - Volvo Car AB (VOLCAR.ST), a Swedish premium carmaker, on Thursday said it plans to launch 13 new and regionally tailored electrified cars by the end of 2030, its largest-ever product offensive.
The new portfolio will include seven cars for Western markets and six China-specific models, with the company aiming to double its market share by expanding its addressable market in fully electric vehicles (BEVs) and third-generation hybrids.
The company said the product offensive will be a significant factor in its efforts to build a business capable of achieving an EBIT margin of more than 8% in the long term, with strong cash flows.
The strategy focuses on regionalised product offerings and governance, growth through flexible electrification, greater synergies with Geely, and a shift from selling cars to providing complete customer offers.
For Western markets, the new models will use existing SPA2, SPA3 and HuginCore platforms, reducing technology and manufacturing investments.
In China, the company will leverage its collaboration with Geely through shared platforms, a dedicated software stack for China, common parts and a shared supply chain to develop six new China-specific models.
Volvo Cars expects many upcoming models to require significantly lower investment per car compared with previous first-car-on-platform launches such as the EX60. It also expects profit margins per car to increase as more electrified models move to SPA-based or shared hybrid platforms.
The company aims to increase full commonality in parts with Geely to around 30% by 2030, from about 10% currently. The higher commonality is expected to contribute approximately 5% in material cost savings by 2030, in addition to indirect savings.
Volvo Cars will also seek to reduce corporate overhead and improve productivity across its value chain.
The company is also introducing a new commercial model focused on transparent pricing, streamlined offers and faster delivery. Regular over-the-air software updates and an all-inclusive Care offering will support its efforts to strengthen customer relationships.
'The challenges for the car industry are immense, but our strategy gives a clear answer to how we adapt to these and our ambition is to be the leading premium car brand,' said Håkan Samuelsson, president and CEO. 'With a regionally optimised product portfolio, unique synergies, electrification and new levels of efficiency, we will build a company capable of reaching beyond 8 per cent EBIT margins.'
In Stockholm, Volvo Car shares closed down 2.73% at SEK 18.17 on Wednesday.
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