The future will be electric according to Volvo where the Swedish luxury car company bought a stake in FreeWire Technologies, a company specializing in the development of technology for charging electric cars.
As CNBC transmits, the acquisition was made through the Volvo Cars Tech Fund, which began operating last year. In an announcement released on Wednesday, Volvo described FreeWire as a “pioneer in the technology of flexible, fast electric car charging”.
“Volvo’s future is electric” said a high-ranking executive of the Swedish company. Volvo is not the only automaker interested in FreeWire. In January 2018, BP Ventures announced that it is investing $5 million in the business.
Read more :
- Volvo first fully electric car came off the production line
- Volvo XC40 Recharge P8 soon in production
- Volvo preparing Recharge luxury SUV from 2023
From 2019 onwards, every new model that Volvo will put on the market will be electric. The company wants as much as 50% of global sales to be electric cars by 2025.