Volvo Car signs €420M loan agreement with EIB to go fully electric by 2030
Summary
This move aligns with the European Union’s efforts for a green transition and aims to contribute to the global decarbonisation of road transport, addressing a major source of emissions and pollution. EIB VP, Thomas Östros says, “I think Sweden can be proud of the leading role Volvo Cars is taking in making the automotive industry more sustainable.” “Making cars that run on electricity instead of fossil fuels is only one part of the puzzle. The EIB’s goal is to finance an equitable transition to a global net-zero economy, both in Europe and the world. One way in which we are aiming to do that is by eliminating tailpipe emissions from our model line-up and investing towards becoming a fully electric car company by 2030.” “We have a long-term relationship with the EIB and are happy that they continue to support us on that exciting transformation journey,” adds Ekdahl. Additionally, the joint venture NOVO Energy, with Northvolt (50 per cent), focuses on sustainable lithium-ion batteries for electric Volvo and Polestar cars.