Volvo to launch new electric car brand

Swedish auto manufacturer Volvo will now launch a new brand of vehicles to compete with the likes of Tesla, and exclusively produce electric cars.

Another auto group is now hedging its bets on electric vehicles.

This time, it is Sweden's Volvo which has a long-standing reputation for producing large luxury vehicles. The Swedish firm is going green, and a few months ago, Volvo announced that it was completely dropping diesel.

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