Volvo Cars partners up with the technology investor and innovation platform driver Plug and Play
GOTHENBURG, SWEDEN, May 3, 2023 - Volvo Cars and the global innovation platform driver Plug and Play have teamed up to bring cutting-edge technology for sustainable mobility closer to the dynamic Scandinavian region. As a first tangible result of the partnership, Plug and Play has opened a new innovation platform in Volvo Cars’ hometown of Gothenburg, Sweden.
Volvo Cars is a founding partner of the new platform, which is expected to engage more than 500 startups every year, and additional partners will be joining over time.
Plug and Play helps blue chip companies around the globe connect with a collection of strategically selected startups. With over 50 locations globally, the company oversees an ecosystem of more than 50,000 startups and 500 partners with an impressive list of alumni, such as Dropbox, Paypal, Trulioo, and Rappi.
This approach complements our own ambitions to lead the transformation of a rapidly changing automotive industry. The Volvo cars of the future will be fully electric by 2030, software-defined, increasingly sold online, powered by cutting-edge core computers, and will become better over time thanks to over-the-air software updates.
“To stay on top of the transformation needed to achieve our bold ambitions, we’re continually pushing the boundaries of technology,” says Javier Varela, our chief operating officer and deputy CEO. “To succeed, we need to work with the best, and partnering with Plug and Play certainly brings us closer to our aspired position.”
A vibrant network of startups
By partnering with Plug and Play, we hope to create a vibrant network of startups from all over the world. Having the opportunity to interact and work with startups in a more efficient and structured way will help us in our ongoing tech transformation. But as well to work closer with our partners along the value chain.
We’re entering this partnership through our corporate venture capital arm, the Volvo Cars Tech Fund, a strategic partner of choice for both startups and potential partners who want to lead future technology development. Through the Volvo Cars Tech Fund, we make strategic investments in startups, always looking for the next breakthrough that will shape the future of transportation and mobility. For example, our investment in Luminar successfully resulted in the lidar technology on our new flagship SUV, the Volvo EX90, that we launched late last year.
The Gothenburg innovation platform will focus on sustainability and digital mobility. Located at Lindholmen, one of the city’s most knowledge-intensive and expansive areas, it will enable Swedish companies to connect with startups developing just the kind of cutting-edge and high-potential technology that is needed to solve the challenges of tomorrow.
We also expect our partnership with Plug and Play to provide a unique perspective on the latest tech trends, as well as access to a network of industry leaders and top-level executives sharing best practices and lessons learned in a compliant fashion.
“We’re very pleased to team up with Volvo Cars and open the doors to this new innovation platform in Gothenburg,” says Saeed Amidi, Founder and CEO of Plug and Play Tech Center. ”The location, right at the centre of events and literally packed with tech-savvy companies and automotive heritage, is no coincidence, and we're confident it will become an innovation powerhouse for startups and corporates.”
Volvo Cars in 2022
For the full year 2022, Volvo Car Group recorded an operating profit of SEK 22.3 billion. Revenue in 2022 amounted to SEK 330.1 billion, while global sales reached 615,121 cars.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2022, Volvo Cars employed approximately 43,200 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).
About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies.
Headquartered in Silicon Valley, we’re in 50+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies, including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi.
Einride, a Swedish transport company with offices both in Stockholm and Gothenburg, is Plug and Play’s 31st unicorn. Their innovative digital, electric and autonomous shipping solutions are revolutionizing the industry and changing the way we think about transportation.
For more information, visit pnptc.com.
For further information please contact:
Volvo Cars Media Relations
+46 31-59 65 25
Volvo Cars Investor Relations
+46 31-793 94 00
Plug and Play Tech Center