Volvo is amping up its business to sell a whopping 1 million electric cars by 2025.
The Swedish company says that for every model in its lineup of vehicles, it will release at least an extra two hybrid versions.
It's quite an ambitious goal, but more ambitious is the company's debut of an all-electric vehicle by 2019.
Volvo, however, is a little late in the electric car race where Elon Musk and his Tesla vehicles have taken the lead, followed closely by Chevrolet.
In fact, compared to Tesla, Volvo has lost some ground. Besides not even having released an all-electric car yet in 2016 (Tesla will debut its third electric vehicle, the Model 3, this year), Volvo has also lost the recognition of having the safest cars on the road.
Tesla's cars are typically rated to be so safe that the company's vehicles have broken the National Highway Traffic Safety Administration's crash testing gear. Moreover, the Model S' 5-star safety rating is the current record holder for an automobile with the lowest likelihood of causing injury to passengers.
But Volvo is ready for a change and a challenge.
"It is a deliberately ambitious target. It is going to be a challenge, but Volvo wants to be at the forefront of this shift to electrification," says Volvo's president and chief executive, Håkan Samuelsson.
Between now and 2019, Volvo is planning to release a new range of 40-series cars such as the V40 and the S40 along with the 40-series and 60-series vehicles which will all be tuned with electric powerplants. Currently, the car maker already has one plug-in, the XC90, and another on the way, the PHEV S90.
To get to the finish line of its goals, Volvo is laying the groundwork by developing its Scalable Product Architecture (SPA) and Compact Modular Architecture (CMA).
Besides electrifying its entire fleet, Volvo's goals also go hand-in-hand with its mission to have 35 percent of its leadership positions held by women in 2020, a zero-death policy in all Volvo vehicles during the same year, and what it calls "climate neutral operations" by 2025.
