CNBC's Anmar Frangoul is reporting on Volvo's solid-state battery technology.
Volvo Cars CEO Jim Rowan expressed optimism about the company's electric vehicle (EV) future while reporting earnings, although the company's shares fell. While bullish on the overall prospects of electric motors, Rowan was more cautious regarding solid-state battery technology, which is seen as potentially transformative for EVs. He believes solid-state technology is still years away and emphasizes the ongoing improvements in current electric propulsion systems. The U.S. Department of Energy highlights the potential of solid-state lithium batteries as a safer, energy-dense alternative to current lithium-ion batteries, offering advantages like fast charging and longer ranges. However, challenges in cost and mass production remain. Meanwhile, Toyota has made progress in this area, aiming for mass production and commercial use by 2027/28, initially for hybrid electric vehicles but now focusing on battery electric vehicles. Volvo aims to be fully electric by 2030, but investor concerns about market outlook have affected its share prices.
(This article was written with assitance from ChatGPT)