This is set to continue. By 2025, Volvo expects 50 percent of cars coming off its production line to be sold via subscription. “Their car is going from (an) investment (of) capital goods in to a consumption per month and that consumption we call, really, is the freedom to move, which is really the beauty of a car. You can move wherever you want, whenever you want, but it has, of course, to be in a sustainable, personal and safe way,” Volvo President and Chief Executive Hakan Samuelsson told CNBC. The company is also working on a model that could drive itself in most environments, expected to be on sale within three years.
New, Scandinavian-focused designs have helped the company double car production in less than a decade, and Chief Design Officer Thomas Ingenlath said inspiration can come from outside the industry.
“The car industry should not detach itself from the other areas where people live in. The development of a phone industry. The development of furniture. We are a little less focused around everything that is around (the) car and a bit more everything that is around, you know, people,” he told CNBC.
Volvo is facing potentially bigger concerns, however. It announced a 29 percent increase in operating profit in the second quarter of 2018 to 4.2 billion Swedish crowns ($474 million), but delayed a planned initial public offering (IPO) because of rising trade tariffs, it said last week.
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