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Wednesday, August 31, 2011

Siemens and Volvo Form Electric-Car Venture

German industrial conglomerate Siemens AG said Wednesday it has agreed with Sweden's Volvo Car Corp. on a strategic cooperation agreement on electric cars.

The focus will be on the joint development of electrical-drive technology, power electronics and charging technology as well as the integration of those systems into Volvo C 30 Electric cars, Munich-based Siemens said in a statement.

It added that the first vehicles will be on the test tracks at the end of this year.

Beginning in late 2012, Volvo will be delivering a test series of up to 200 vehicles to Siemens, which will then be tested as part of an internal Siemens test fleet, the German company said.

Volvo Car Corp. was last year acquired by China's Zhejiang Geely Holding Group Co. from Ford Motor Co.

For Siemens, the partnership is another step toward a greener image. Siemens touts itself as a pioneer in electric vehicles, and developed electric trams as early as the end of the 19th century.

Cooperations between companies are increasingly common in the development of environmentally friendly vehicles as a means to share the high entry costs and risks. General Motors Co. and LG Electronics Inc. also recently announced their partnership in the development of electric vehicles.

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