​Volvo eyes Chinese market for its autonomous electric vehicles

Volvo group,Swedish truck and construction manufacturer  puts on demonstrations of their autonomous hub-to-hub truck and newest technologies in electrification during an innovation summit at Tank 79, 751 D•Park, No.4 Jiuxianqiao Road, Chaoyang District, Beijing  on November 15,2017. [Photo:ChinaPlus]

Global automaker Volvo is eyeing China as a potential market for its autonomous electric commercial vehicles,as the country is going through a critical stage of industrial transition and accelerating innovations in auto production.

Senior executives of the company,along with China's top policymakers, examined the role innovative technologies will play in transforming the societies of tomorrow at an innovation summit in Beijing.

Martin Lundstedt, CEO of Volvo Group delivers a speech at Volvo Group Innovation Summit in Beijing on Nov.15,2017.[Photo: ChinaPlus]

Martin Lundstedt, CEO of Volvo Group, suggested innovation in smart electric vehicles will help lower environmental impact and improve road safety in China in the future.

He said a partnership with Chinese automakers is important.

"Our cooperation with China can never be underestimated. Our investments in Chinese automatic manufacturer Dong Feng group, which we hold a 45-percent stake, and partnership with Dongfeng Group is important, and it's our commitment to the Chinese market in a win-win situation," said Lundstedt

The Swedish truck and construction manufacturer put on demonstrations of their autonomous hub-to-hub truck and newest technologies in electrification during an innovation summit in Beijing.

Zhou Wei, Chief Engineer with China's Ministry of Transport delivers a speech at Volvo Group Innovation Summit in Beijing on Nov.15,2017.[Photo:ChinaPlus]

Zhou Wei, Chief Engineer with China's Ministry of Transport, suggested innovation in traffic needs the correct design in regulations and city planning, adding that globalization will help achieve the move.

"Auto-pilot is a project with a complicated system. We face some common challenges which are not just about technology but also laws and regulations, cyber security, digitalization of infrastructure. To deal with all these challenges we should take advantage of globalization in which corporations and research institutes from all around the world work together to cope with challenges in the development of smart and new-energy vehicles."

Volvo's financial report showed in the third quarter both its sales and profitability continued to increase, with an especially strong performance in the construction equipment business. 

The company said, from an overall perspective, its market demand is strong, as evidenced by a 30-percent increase in truck orders and 45 percent in construction equipment orders.

Anna Lindstedt, Swedish Ambassador to China delivers a speech at Volvo Group Innovation Summit in Beijing on Nov.15,2017.[Photo:ChinaPlus]

Anna Lindstedt, the Swedish Ambassador to China, said global cooperation can help China achieve the move toward a low carbon society.

The former Ambassador for Climate Change and Chief Negotiator for Sweden said she's happy that China is among the strong supporters of the Paris Agreement and suggested the shift to greener sustainable growth presents a unique opportunity for innovation and global cooperation. 

"Sweden will have no carbon emissions of CO2 in 2045, and I'm pleased that China's changed its development path to becoming a society with low emissions. Our Prime Minister Mr. Stefan Löfven visited China in June this year and met with Chinese President Xi Jinping and Premier Li Keqiang. One of the key topics during these meetings was innovation and the possibility between Sweden and China in this area."

The determination of China to achieve sustainable development is expected to provide more opportunities for automakers like Volvo, who has placed its bet on electrification.

Volvo set up a joint venture in China with Dongfeng Motor Group Co. in 2014.

Dongfeng is the world's second-largest producer of heavy-duty trucks and China's biggest.

Volvo has a 45-percent stake in the joint venture, giving it access to China where it previously had a minor presence.