"I see this project as a positive further development of sustainable personal transport. We have a unique opportunity to take the lead when it comes to innovations for advanced green-car technology", said Fredrik Arp, President and CEO of Volvo Car Corporation.
The joint venture will begin this year with the construction of 10 plug-in low emission vehicles that will utilize the latest in hybrid and electric technologies. Volvo will invest over 11 billion SEK ($1.8 billion) during the course of the five-year project that will primarily be undertaken in Sweden.
Both Volvo and Saab have recently shown green concepts, Volvo's at the 2007 Frankfurt Motor Show with the C30 Recharge, a plug-in hybrid based on the automaker's entry-level hatchback; while Saab displayed their 9-X BioHybrid at the 2008 Geneva Auto Show just last week.
Sunday, March 16, 2008
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