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Volvo XC40 Recharge P8 Electric vehicle at Beijing International Auto Show. Photo: Costfoto/Barcroft Media via Getty Images)

Volvo said it's making "significant investments" to bring design and development of electric motors in-house as the automaker prepares to expand its electric vehicle lineup.

Why it matters: Volvo's goal is to have EVs account for 50% of its sales by 2025, with the rest hybrids.

  • The move will allow its engineers to "further optimize electric motors and the entire electric driveline in new Volvos" to bolster efficiency and performance, Volvo said Monday.

Where it stands: Volvo — which is owned by China's Geely Holding — yesterday announced the opening of a new electric motor lab in Shanghai, which adds to ongoing motor and battery development in Sweden and China.

  • The size of the investment in the new Shanghai lab was not disclosed

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Energy & Environment

Electric vehicle sales far surpass pandemic expectations

Data: EIA; Note: 2020 figures are preliminary; Chart: Axios Visuals

New International Energy Agency preliminary data shows that worldwide sales grew by an estimated 40% last year, exceeding the agency's expectations.

Why it matters: The increase occurred despite a drop on overall global vehicle sales.

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

General Motors puts Trump in its rearview mirror

Illustration: Sarah Grillo/Axios

General Motors (GM) is racing to prepare itself for a president and a world that takes climate change more seriously — and putting the Trump era behind them in the process.

Driving the news: GM yesterday announced an ambitious plan to end global sales of internal combustion vehicles by 2035. It's part of their wider new pledge to be carbon neutral by 2040.

Dave Lawler, author of World
1 hour ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."