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With “tremendous growth” expected for its EVs, Volvo CEO Jim Rowan says the brand is outpacing rivals. Rowan claims Volvo has “much more pricing power” as it rolls out its cheapest EV so far, the EX30, starting at $35,000.

Volvo CEO boasts pricing power for EVs

On Wednesday, Rowan told Reuters at the Global Markets Forum that Volvo sees a growth opportunity in the EV segment.

Volvo’s leader explained, “We have much more pricing power, and people have got more disposable income, so they can afford it if they want to drive an EV.” The comments come as several automakers, like Ford and GM, have scaled back EV investments.

After selling a record 113,419 EVs in 2023 (+70% YOY), Volvo expects to build on its momentum this year.

Volvo’s EVs accounted for 16% of its total sales last year, higher than most rivals and up from 10.9% in 2022.

Rowan has stood by his stance despite others claiming a slowdown in the EV market. When asked about the reported slowdown last month, Rowan said, “We are not seeing any order cancellations or any slowdown in order intake.”

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Volvo CEO Jim Rowan during the EX30 reveal (source: Volvo)

An affordable EV for everyone

The brand’s leader confirmed orders for the electric C40 and new EX30 are strong, even in the US. Volvo’s new EX30, starting under $35,000 (36,000 euros), is one of the most affordable EVs on the market. It’s also Volvo’s cheapest (and quickest) vehicle yet.

The electric SUV will be available in two versions: A single-motor extended range and a twin-motor performance model.

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Volvo EX30 (Source: Volvo Cars)

The extended range version includes up to 275 miles of range. Although the performance model sacrifices 10 miles range (265 miles), it packs 422 hp and 400 lb-ft torque for 0 to 60mph in 3.4 seconds.

Volvo calls the EX30 a “cornerstone” of its EV plans. The automaker expects the new EV to become one of its “best sellers in the coming years.”

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Volvo EX30 interior (Source: Volvo Cars)

Meanwhile, Volvo is also launching its first three-row electric SUV, the EX90. Volvo’s EX90 will start at $76,695 in the US to rival the Rivian R1S and Mercedes EQS.

Volvo was one of the first legacy automakers to commit to an all-electric lineup by 2030. Rowan believes the automaker is “on course” to hit its goal of going all-electric. By 2025, Volvo aims for around 50%, or about 600,000 in sales, to be electric as a halfway target.

Electrek’s Take

Despite a slight slowdown in EV sales last month, Volvo will likely turn things around (quickly) in 2024.

Volvo is rolling out EVs in key segments, including an affordable model (EX30), a three-row electric SUV (EX90). It even launched its first electric minivan in China (EM90). These models will join the already popular C40 and XC40 Recharge in Volvo’s all-electric lineup.

The brand will continue to be one to watch as the market shifts to EVs. Volvo’s early commitment to electrification is already paying off.

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750W e-bikes in Europe? Discussions underway to update e-bike laws

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750W e-bikes in Europe? Discussions underway to update e-bike laws

The e-bike industry in the West has long been a tale of two territories. North Americans enjoy higher speeds and power limits for their electric bicycles while Europeans are held to much stricter (i.e. slower and lower) speed and power limits. However, things might change based on current discussions on rewriting European e-bike regulations.

New power levels are not totally without precedent, either. The UK briefly considered doubling its own e-bike power limit from 250 watts (approximately 1/3 horsepower) to 500 watts, though the move was ultimately abandoned.

But this time, the call for more power is coming from within the house – i.e., Germany. The Germans are the undisputed leaders and trend setters in the European e-bike market, accounting for around two million sales of e-bikes per year. Home to leading e-bike drive makers like Bosch, the country has yet another advantage when it comes to making – or regulating – waves in the industry.

And while there aren’t any pending law changes, the largest German trade organization ZIV (Zweirad-Industrie-Verband), which is highly influential in achieving such changes, is now discussing what it believes could be pertinent updates to current EU electric bike regulations.

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Some of the new regulations involve creating rules maxing out power at levels such as 400% or 600% of the human pedaling input. But a key component of the proposed plan includes changing the present day power limit of e-bikes from 250W of continuous power at the motor to 750W of peak power at the drive wheel.

The difference includes some nuance, since continuous power is often considered more of a nominal figure, meaning nearly every e-bike motor in Europe wears a “250W” or less sticker despite often outputting a higher level of peak power. Even Bosch, which has to walk the tight and narrow as a leader in the European e-bike drive market, shared that its newest models of motors are capable of peak power ratings in the 600W level. That’s still far from the commonly 1,000W to 1,300W peak power seen in US e-bike motors, but offers a nice boost over an actual 250W motor.

Other new regulations up for discussion include proposals to limit fully-loaded cargo e-bike weights to either 250 kg (550 lb) for two-wheelers or 300 kg (660 lb) for e-bikes with more than two wheels. As road.cc explained, ZIV also noted that, “separate framework conditions and parameters must be defined for cargo bikes weighing more than 300 kg (see EN 17860-4:2025) as they differ significantly from EPACs and bicycles in their dynamics, design and operation.” Such heavy-duty cargo e-bikes, which often more closely resemble small delivery vans than large cargo bikes, are becoming more common in the industry and have raised concerns about cargo e-bike bloat, especially in dedicated cycling paths.

It’s too early to say whether European e-bike regulations will actually change, but the fact that key industry voices with the power to influence policy are openly advocating for it suggests that new rules for the European market are a real possibility.

ride1up prodigy v2 electric bike brose motor

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

Read more: California now has nearly 50% more EV chargers than gas nozzles


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Two charged in $650 million global crypto scam that promised 300% returns

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

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In reality, authorities allege, OmegaPro was a pyramid-style fraud.

When the company later claimed it had suffered a hack, the defendants told victims they had transferred their funds to a new platform called Broker Group, the DOJ said. Users were never able to withdraw their money from either platform.

The two men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, each carrying a maximum sentence of 20 years in prison.

The Justice Department, FBI, IRS-Criminal Investigation, and Homeland Security Investigations led the multiagency investigation, with help from international partners.

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