Volvo Cars aims to sell 1 million electrified cars by 2025

STOCKHOLM, April 21 (Reuters) - Chinese-owned car maker Volvo Car Group has set a target to sell a total of one million electrified cars by the year 2025, it said on Thursday.

The Gothenburg-based company said it would reach the goal by making at least two hybrid versions of each model, while releasing its first all-electric car in 2019.

“It is a deliberately ambitious target,” Chief Executive Hakan Samuelsson said in a statement.

China, which became Volvo’s biggest market last year, expects electric cars sales to more than double this year, the country’s industry minister said last month.

China’s Geely bought Volvo Cars from Ford Motor Co. in 2010.

Reporting by Helena Soderpalm editing by Sven Nordenstam