Energy
Friday, October 27th, 2023 4:09 pm EDT
Key Points
- Volvo Cars’ CEO, Jim Rowan, expresses strong optimism about the long-term potential of electric motors, highlighting significant improvements in electric motor technology.
- Rowan is more cautious about solid-state batteries, stating that he believes they are still some years away from widespread adoption. Despite this, Volvo Cars is involved in research and development related to solid-state batteries.
- Rowan emphasizes that the current electrical propulsion systems offer many incremental benefits that will continue to drive performance in electric vehicles. Volvo Cars aims to become a fully electric car company by 2030 but faced a drop in its share price amid concerns about the EV market’s outlook and pricing.
Jim Rowan, the CEO of Volvo Cars, expressed optimism about the long-term potential of electric motors but appeared more cautious about solid-state batteries, a technology that has generated significant hype for its potential to transform electric vehicles (EVs). Rowan noted that electric motors have seen “massive improvements” but suggested that solid-state batteries are still some years away. Despite being involved in research and development related to solid-state batteries, he emphasized the incremental benefits that current electrical propulsion systems will continue to offer in terms of performance.
Solid-state lithium batteries have been described by the U.S. Department of Energy as an energy-dense and safer alternative to lithium-ion batteries used in EVs and other portable devices. They offer advantages such as fast charging times and longer driving ranges. Toyota recently claimed a breakthrough in improving the durability of solid-state batteries and aims to have them ready for commercial use in 2027/28, with a focus on next-generation battery electric vehicles.
Volvo Cars has set a goal to become a “fully electric car company” by 2030, but the company’s shares dropped up to 12% amid concerns about the EV market’s outlook, with concerns over pricing, echoing statements made by the Mercedes-Benz CFO, who described EV pricing as “brutal.”
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/27/volvo-cars-ceo-strikes-cautious-tone-on-solid-state-battery-technology.html
