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In line with the European Union’s push for a green transition, Volvo Car Corporation and the European Investment Bank (EIB) have signed a €420 million financing agreement in support of the Swedish carmaker’s decision to become fully electric and carbon neutral. The operation is expected to contribute to the decarbonisation of road transport, a major source of emissions and pollution globally.

• Volvo Car Corporation has signed a €420 million loan agreement with the EIB for the development of a new all-electric vehicle platform.
• The investments will cover research and development, software development and implementing next-generation manufacturing technologies for fully electric vehicles.
• The financing supports the brand’s strategy to become a fully electric car manufacturer by 2030, while simultaneously aiming to lower barriers for e-vehicle adoption.

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.

EIB Vice-President Thomas Östros said: “I think Sweden can be proud of the leading role Volvo Cars is taking in making the automotive industry more sustainable. Making cars that run on electricity instead of fossil fuels is only one part of the puzzle. The industry itself is still very carbon-heavy, something that Volvo Cars is actively working on changing. As the EU climate bank, this is one of the many facets in the green transition that we are financing, and we’re glad to partner with Volvo Cars to accelerate the change.”

CFO of Volvo Cars Johan Ekdahl added: “Volvo Cars continues to work diligently towards the ambition of becoming a climate-neutral company by 2040. One way in which we are aiming to do that is by eliminating tailpipe emissions from our model line-up and investing towards becoming a fully electric car company by 2030. We have a long-term relationship with the EIB and are happy that they continue to support us on that exciting transformation journey.”

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Volvo Car Corporation has been active since 1927 and is headquartered in Gothenburg, Sweden.

ÅF has signed a significant agreement with Volvo Car Corporation. The order relates primarily to industrial automation technology, which is one of the areas of technical expertise in which ÅF excels in the automotive industry. 

For ÅF the project involves the development and delivery of a number of automated production lines for Volvo Car Corporation.

The project will in the main be carried out from ÅF's division in Olofström.

"ÅF is consolidating its position as a strategic supplier and one that Volvo wants to have on board in the future," says Per Magnusson, President of the Industry Division, with around 2,000 consultants. 

"The project, which will run over a total of two years, was won against international competition," says Jan-Ola Andersson, responsible for ÅF's operations within the Industrial Projects business area. 

ÅF is a leading technical consulting company, with expertise founded on more than a century of experience. We offer highly qualified services and solutions in fields of expertise that include industrial processes, infrastructure projects and the development of products and IT systems. ÅF currently employs more than 7,000 people. Our base is in Europe, but our business and our clients extend right across the globe.

Download: pdf - Press release (PDF)