Metaverse Is A Reality But Comes With Risks: Jyoti Malhotra, Volvo Cars

As the keynote speaker at the 17th edition of the BW Marketing Whitebook Summit 2022, Jyoti Malhotra, Managing Director, Volvo Cars India delved deep into the company’s future plans and how they are moving towards sustainability.

He said, "Volvo is known for safe cars; safety is ingrained in our DNA and sustainability is also equally important to us. Volvo also invented the three-point safety belt, which has since been given to everybody without any patent. So, Volvo has saved a lot of lives directly or indirectly."

In regard to the upcoming plans of the business, he added, "Within the car industry, we have a very ambitious plan to become a carbon neutral company and a circular economy by 2040."

Volvo's recently launched fully electric car, the Volvo XC40 Recharge, marks the beginning of its journey towards sustainability. "By 2030, Volvo will be a 100 per cent electric car company worldwide, and 50 per cent of our revenues will come from electric cars by 2025," mentioned Malhotra.

Talking about the future virtual world and the metaverse, he quoted, "Metaverse is a reality now but it comes with its own risks. It can be used, though on a smaller scale with a limited audience. It is feasible to use Metaverse for events, conferences, showrooms, concerts, prototyping and testing new products. Beyond that, creating virtual workplaces and educational institutes is also possible in the metaverse."