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Vattenfall, Volvo joint venture proves successful.

Article Excerpt
In early June 2009, Swedish energy company Vattenfall and auto-maker Volvo Car Corporation, announced a first-of-its-kind joint venture that will introduce plug-in hybrids by 2012.

The development of the cars is being carried out and financed jointly by the two companies. The Volvo Car Corporation will manufacture the cars and Vattenfall will develop charging systems and supply the cars with electricity. "We are investing in an industrial joint venture to series-produce plug-in hybrid cars that can be powered by both electricity and diesel by 2012. This is an important business development for us and our partnership with Vattenfall allows us to take a giant step toward offering our customers cars with an even smaller environmental footprint," says Stephen Odell, President and CEO of the Volvo Car Corporation.

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The biggest advantage of the Volvo-Vattenfall JV is that the plug-in hybrids will be able to charge their batteries from regular household wall sockets. "We want to rein force etectricity's importance in society and its key role in solving climate issues. Through this cooperation we hope to be able to speed up the introduction of electric cars," said Lars G. Josefsson, president and CEO of Vattenfall.

Volvo and Vattenfall's plug-in hybrids will...

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