EVs to be cheaper than petrol cars by 2030: Volvo boss
By Damion Smy
The boss of Chinese-owned Swedish brand Volvo has said consumers can expect electric vehicles (EVs) to cost less than equivalent petrol and diesel vehicles around 2030–31.
“I think if you look five years ahead, I would say an electric car will most probably be lower in cost than a combustion car,” the automaker’s CEO, Håkan Samuelsson, told media at a briefing in Gothenburg, Sweden.
As reported by The Drive, Mr Samuelsson went on to explain the company is already making a profit on EVs, despite pulling back on previous plans to exclusively offer EVs from 2030, as well as huge losses from fellow Geely-owned Polestar, the now EV-only brand he was chairman of from 2017-2024.
“So far, our present electric cars have a lower margin, I think, that’s no secret, but they are profitable,” Mr Samuelsson said, adding the company hasn’t needed to resort to price cuts or incentives to find EV buyers.