The demand for goods transported by road is expected to increase 50% by 2040, according to BloombergNEF. Medium and heavy commercial vehicles are the types of road transport that are furthest from where they need to be to help the world meet climate goals, according to BNEF’s Electric Vehicle Outlook.
And because the debate is not settled, Volvo Group is hedging its bets. “We are going in parallel with three technologies,” said Lars Stenqvist, chief technology officer at the Swedish multinational, which owns Volvo Trucks. The company is developing trucks that run on batteries, hydrogen fuel cells and combustion engines that burn biofuels, synthetic fuels and even hydrogen.