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Volvo and Siemens rev up electric car venture

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Volvo and Siemens rev up electric car venture
11:35 CEST+02:00
Swedish automaker Volvo Cars has teamed up with German industrial group Siemens to develop technology for electric vehicles, the companies announced said Wednesday.

“We are very happy to have Siemens as a partner. Their world-leading knowledge and experience will help bring the technology in our electric cars to a whole new level,” Volvo Cars CEO Stefan Jacoby said in a statement.

The two companies have formed a partnership that involves "extensive strategic cooperation" in electrical drive technology, power electronics and charging technology, a statement said.

The Volvo C30 electric car will serve as a test platform and early models will be on test tracks by the end of the year, it added.

By late 2012, Volvo is to deliver a test series of 200 vehicles to Siemens for testing under "real-life conditions."

Financial details were not provided.

According to Jacoby, the companies hope to make quick progress working together.

“Our goal is to be the first with the latest electric motor technology,” he said, adding that the partnership increases Volvo's chances of exploiting a “fast growing” market for electric cars.

"Both companies' goals and core competencies in electric mobility are perfectly matched," Siemens said, and the agreement provided the German group with a chance to take its electric drive technology to the auto market.

"Cooperation with Volvo is an important milestone in the development of top quality components and systems for electric cars subsequently intended for series production", the statement quoted board member Siegfried Russwurm as saying.

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