Volvo Takes on Tesla with Announcement of Its New Electric Vehicle Brand – Futurism

In Brief Swedish car company Volvo just announced that it has developed a separate brand to produce and market their upcoming line of electric vehicles.

A string of recent reports from Volvo has suggested that the Swedish car company is preparing to take on Tesla with an electric vehicle (EV) division. The company has released plans for their upcoming Tesla Model 3 competitor, an SUV slated for release sometime before 2019. More recently, the company announced that they will no longer develop diesel engines, signaling a shift toward electric models.

All of this has culminated in Volvos latest announcement. The company has also introduced a separate brand to produce and market high-performance electric cars, called Polestar. Hkan Samuelsson, president and chief executive of Volvo Cars said that Polestar will be a credible competitor in the emerging global market for high performance electrified cars.

Volvos first EV is expected to cost something in the range of $35,000 to $40,000, roughly similar to Teslas Model 3. However, Volvos electric option does seem to boast a slightly higher range at around 402 km (250 miles), compared to the Model 3s 346 km (215 miles).This could be the beginning of the EV wars to come. Volkswagen recently unveiledthree concept cars of its own and is planning to become an EV juggernaut by 2015. This competition will only push the transition from fossil fuel burning cars to EVs.

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Volvo Takes on Tesla with Announcement of Its New Electric Vehicle Brand - Futurism