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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
Dec 1, 2020 - Economy & Business

EV truck maker Lion Electric to go public via SPAC merger

Illustration: Sarah Grillo/Axios

The Lion Electric, an electric truck and bus company, is going public via a merger with the special purpose acquisition company (SPAC) Northern Genesis Acquisition.

Why it matters: It's the latest in what's becoming a big collection of EV and EV-adjacent companies forgoing traditional IPOs and instead going the SPAC route.

21 mins ago - Health

U.S. exceeds 100,000 COVID-related hospitalizations for the first time

People wait outside the Emergency room of the Garfield Medical Center in Monterey Park, California on Dec 1. Photo: Frederic J. Brown/Getty Images

More than 100,200 Americans were hospitalized as of Wednesday due to the coronavirus for the first time since the outbreak began in early 2020, per the COVID Tracking Project.

The big picture: The milestone comes as health officials anticipated cases to surge due to holiday travel and gatherings. The impact of the holiday remains notable, as many states across the country are only reporting partial data.

4 hours ago - Science

The "war on nature"

A resident stands on his roof as the Blue Ridge Fire burned back in October in Chino Hills, Calif. Photo: Jae C. Hong/AP

Apocalyptic weather is the new normal because humans are "waging war on nature," the UN declared on Wednesday.

What they're saying: "The state of the planet is broken," said UN Secretary-General António Guterres, reports AP. “This is suicidal.”