Volvo receives a loan of 420 million euros from the European Investment Bank (EIB) to become fully electric. The Swedish car manufacturer wants to market only electric models by 2030.
With the loan, Volvo wants to conduct research, develop software, and introduce new production technologies for the construction of fully electric vehicles. The EIB expects the investment “to contribute to the net-zero emissions of road transport, a major source of emissions and pollution worldwide.”.
The European Union is introducing increasingly strict environmental regulations for cars, with the aim of all newly sold passenger cars being emission-free by around 2035.
More and more electric Volvo cars have been sold in the Netherlands in recent years. By 2023, 62 percent of newly sold Volvos will be fully electric.
