Volvo has set a new structure for its cars to support electrification and climate plans.
The car manufacturer, based in Sweden, announced that with the structure, it is possible to help developing new electric cars while surging production potentials for batteries and electric automobiles.
Also, Volvo declared that funds will be allocated for projects related to climate. CEO Hakan Samuelsson stated that the green framework will provide a ground for investors to help transform Volvo to an electric vehicle maker.
The company aims to bring down 40% carbon release of cars by the year 2025. It also intends to get wholly climate neutral by 2040. To achieve this, Volvo will take measures like producing 50 percent of sales in the world as well as allotting a 25% share of recycled plastic in production of its new cars.