The CEO of Volvo Jim Rowan has warned other automakers that don’t want to give up diesel cars that they “risk missing out on the electric car market.” This applies, for example, to Toyota, which continues to stubbornly cling to hybrid technologies (although it recently shared plans about the release of the “next generation” of electric cars).

Volvo’s revenue for 2022 was $32 billion, an increase of 17% compared to 2021. This is the company’s record for its entire history. Sales of electric vehicles accounted for 11% of the total number of vehicles sold, more than doubling from 4% in 2021. At most, in the fourth quarter, the share of electric cars was 18% of all cars sold (three times more compared to the same period in 2021). If we also take into account the sales of plug-in hybrids, it will be 33% of all cars sold in 2022 and 41% in the fourth quarter.

By 2025, internal combustion engines and all-electric Volvo models should equalize in price. The main obstacle to this is the raw materials used in batteries, particularly lithium. Rowan noted, “That’s pretty much the only thing that stands in the way of full-scale adoption.We are in discussions with mines and processing factories to get direct access to [lithium] at more predictable costs.” He also added that technologies such as lithium and iron phosphate will help further reduce the cost of electric cars.

Volvo, by the way, plans to become a fully electric brand by 2030.