In a recent press conference, Volvo's Chief Operating Officer, Bjorn Annwall, detailed the automaker's plans for a series of updates to its mild-hybrid and plug-in hybrid models, emphasizing Volvo's commitment to becoming an all-electric brand by 2030.
Annwall stated, “Clearly the transition [to electrification] happens at different timescales around the world. That's a strength of Volvo – we have this balanced portfolio.” He explained the coexistence of the newly introduced EX90 with the existing XC90, anticipating regional variations in sales. Annwall noted, “We're going to sell more EX90s in Northern Europe, but we'll sell more XC90s in Eastern Europe; more XC90 in central United States, more EX90 in the western United States.”
While Annwall did not specify the models receiving updates, he highlighted the focus on exterior and interior designs. He acknowledged the success of the XC90 and SPA1 cars, stating, “They have strong, timeless design in their appearance right now.” Annwall mentioned updates to infotainment, including Android embedded technology, and hinted at further advancements in exterior styling, interior design, and infotainment, terming them “manageable investments” within Volvo's capabilities.
Regarding powertrain alterations, Annwall did not provide specific details, but there is speculation that Volvo's new Aurobay company could introduce more efficient petrol engines in the future.
Simultaneously, Volvo is considering selling its stake in Polestar. Annwall suggested, “It appears Volvo has concluded that Polestar is a drag on its resources and that it would be better off focusing on its future model lineup.” The automaker currently holds 48% of Polestar's shares, with their value having declined by 83% since the brand went public in 2022.