Sweden: Volvo Cars To Go Fully Electric Thanks to Backing from European Investment Bank

The operation is expected to contribute to the decarbonization of road transport, a major source of emissions and pollution globally.

The EIB’s funding will support the development of a new, fully electric car platform, as well as the necessary research and development and roll-out of resource-efficient, advanced manufacturing technologies for electric cars.

The European Union has introduced progressively more stringent environmental regulations for road transport, with the aim of making all new passenger vehicles sold emissions free by the middle of the next decade.

The project is expected to result in even safer and more sustainable technologies for e-vehicles, including reduced weight and faster charging, which can help lower the barriers to purchasing an electric car. As such, the operation is fully in line with the EIB’s goal to finance a just and swift transition to a net-zero economy, both in Europe and across the world.