Volvo Cars today reveals the Care Key, allowing any Volvo buyer to set a speed limit for themselves, their family members or friends. The Care Key will come as standard on all Volvo cars from model year 2021.
The Care Key allows Volvo drivers to set limitations on the car’s top speed, before lending their car to other family members or to younger and inexperienced drivers such as teenagers who have only just received their driver’s licence.
The launch of the Care Key follows the announcement earlier this month that Volvo Cars will limit the top speed on all its cars to 180kph (112mph) from 2020, in order to send a strong signal about the dangers of speeding.
Håkan Samuelsson, Volvo Cars’ President and Chief Executive, said this month that the company wants to start a conversation about whether car makers have the right, or maybe even the obligation, to install technology in cars that changes their owners’ behaviour. Now that such technology is available to use, this question becomes even more important.
The speed limit and the Care Key are both part of that initiative and illustrate how car makers can take active responsibility for striving to achieve zero traffic fatalities by supporting better driver behaviour.
“We believe that a car maker has a responsibility to help improve traffic safety,” said Mr Samuelsson. “Our recently announced speed limit fits that thinking, and the Care Key is another example. Many want to be able to share their car with friends and family, but are unsure about how to make sure they are safe on the road. The Care Key provides one good solution and extra peace of mind.”
Beyond the potential safety benefits, features such as a speed limit and the Care Key are also likely to offer Volvo drivers a financial benefit. The company is currently inviting insurance companies in several markets to conversations to offer special, favourable insurance to the Volvo community using these safety features.
Specific deals and terms will depend on local market circumstances, but Volvo Cars expects to announce the first of several agreements with national insurance firms soon.
“If we can encourage and support better behaviour with technology that helps drivers to stay out of trouble, that should logically also have a positive impact on insurance premiums,” said Mr Samuelsson.
Volvo Car Group in 2018
For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018, global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world, with sales of 642,253 cars in 2018 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
In 2018, Volvo Cars employed on average approximately 43,000 (39,500) full-time employees. Volvo Cars’ head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China), and body components in Olofström (Sweden).