Volvo to invest more than a billion dollars in electric cars

The Swedish company Volvo has decided to channel large finance streams into its new-generation electric vehicles.

Electric vehicles will differ from their predecessors in significantly increased range. The company also plans to develop all-new battery charging stations.

The Swedish carmaker specifies that the new cars will be affordable, although it will take a considerable financial outlay to develop them. Production of the new generation of electric vehicles will require an investment of $1 billion.

Preparation for serial assembly of the Swedish electric cars will occur at the company's upgraded production facilities.