Volvo Cars’ CEO, Jim Rowan, expressed optimism about the long-term potential of electric motors but was cautious about solid-state batteries. He mentioned that electric motors have seen significant improvements, but he believes solid-state batteries are still some years away from practical use. Volvo Cars is involved in research and development related to solid-state batteries but expects incremental benefits from existing electric propulsion systems to continue driving performance improvements.
Solid-state lithium batteries are often touted as a potential game-changer for electric vehicles (EVs) due to their potential for fast charging times and longer driving ranges. However, cost and mass manufacturing concerns have limited their adoption. Toyota recently announced a breakthrough in solid-state battery technology and aims to bring them into mass production for commercial use by 2027/28.
Volvo Cars has set a goal to become a “fully electric car company” by 2030, and despite investor concerns about the outlook for the EV market, Rowan remained optimistic about the company’s EV future. This optimism comes as the automotive industry faces pricing challenges related to the transition to EVs. Mercedes-Benz’s CFO has described the pricing environment for EVs as “brutal.”