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 Volvo's latest announcement. The company has also introduced a separate brand to produce and market "high-performance electric cars," called Polestar. Håkan 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."
Volvo's first EV is expected to cost something in the range of $35,000 to $40,000, roughly similar to Tesla's Model 3. However, Volvo's electric option does seem to boast a slightly higher range at around 402 km (250 miles), compared to the Model 3's 346 km (215 miles).This could be the beginning of the EV wars to come. Volkswagen recently unveiled three 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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