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Volvo Vows to Double Sales by 2025
Volvo Car Corp.’s new business plan sets goals of doubling unit volume and hiking profit margins 50% in seven years, in part through increased sales to ride-hailing fleets.
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Volvo Car Corp.’s new business plan sets goals of doubling unit volume and hiking profit margins 50% in seven years, in part through increased sales to ride-hailing fleets.
The targets, which are being presented later today, envision a sales mix by 2025 that is 50% all-electric, the Financial Times reports.
The British newspaper says half the brand’s sales by mid-decade would be through subscription services that enable participants to frequently swap cars rather than buy or lease a single vehicle. About 30% of the company’s cars would be capable of operating in fully autonomous mode.
Last year Volvo signed a deal with Uber Technologies Inc. to supply the ride-hailing service with as many as 24,000 of its XC90 crossover vehicles between 2019 and 2021 for use in a robotic taxi service.
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