Swedish energy company Vattenfall and the Volvo Car Corporation are launching a joint venture to introduce plug-in hybrids to the market.

In January 2007, the Volvo Car Corporation and Vattenfall launched a joint project with the aim of testing and developing plug-in technology. Now their cooperation is being taken to the next level.

“We are investing in an industrial joint venture to series-produce plug-in hybrid cars in Sweden in 2012, cars that can be powered by both electricity and diesel,” explained Stephen Odell, president and CEO of the Volvo Car Corporation.

Development is being carried out and financed jointly by the two companies. The Volvo Car Corporation will manufacture the cars and Vattenfall will develop charging systems and supply the cars with electricity.