The Swedish automaker is expanding its vehicle fleet through 2030 to capture a larger portion of the automotive market and increase profitability. This rollout includes 13 new models to double the company's market share and represents the biggest-ever product expansion in the company's history.

Spending on Volvo's technology stack and manufacturing will fall from current levels as the company executes the plan. The strategy focuses on increasing earnings through the increased volume of offerings by the end of the decade.