Volvo Plans to Go All Electric

Sweden-based automaker Volvo Car Group announced today that it will convert to a fully electric-car brand by 2030. The automaker, owned by Chinese firm Geely Automobile Holdings (OTC: GELYY), will accelerate production of its Recharge line that currently has five plug-in hybrid models and plans for a full electric powertrain. GM has said it will exclusively offer electric vehicles by 2035, and Ford plans to transition gradually over the next decade.