EVs May Cost Same As Similar Gas Cars By 2025: Volvo CEO

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EVs May Cost Same As Similar Gas Cars By 2025: Volvo CEO
EVs May Cost Same As Similar Gas Cars By 2025: Volvo CEO

Volvo CEO Jim Rowan suggested that technology advancement will bring down the prices of EVs in the coming years.

As electric vehicles take over the auto industry, Volvo CEO Jim Rowan predicts that by 2025, the cost of EVs will be comparable to that of conventional vehicles. The current situation following the Covid-19 pandemic has resulted in a shortage of semiconductors, supply chain disruptions, and rising fuel prices. The demand for EVs has increased as a result, but the cost is still high.

Rowan reportedly went on to say that automakers shouldn’t rely on government aid and should plan their EV production so that customers can afford it. According to reports, the CEO of Volvo stated, “We think we get [to price parity]. around 2025, where there’ll be enough technology driving down cost on the battery. Tech will increase range. We’ll get there with fewer batteries, more range,

The battery is the most expensive component of an EV, so Rowan’s prediction that technological advancements will result in less battery usage without reducing range seems like a far-off dream right now. The CEO also emphasised the need for more affordable, smaller electric vehicles. He made reference to a city-oriented EV that Volvo plans to release the following year.

The EX90 electric vehicle from Volvo, which claims to have the greatest range, was just unveiled. According to Volvo, this vehicle is the most potent and secure one available. The premium XC90 SUV has been transformed into this new electric vehicle. The EX90 EV will be introduced later in the year after the luxury automaker begins production of it the following year.

The 111kWh lithium-ion battery pack that powers the Volvo EX90 claims to provide a range of more than 600 km on a single charge. This battery was created by the automaker using renewable energy, and it can also handle fast charging up to 250 kW.

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