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Volvo announced today that it is teaming up with energy supplier Vattenfall to promote the production of plug-in hybrid Volvo vehicles by 2012.

“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,” says Stephen Odell, President and CEO of the Volvo Car Corporation. ”This is an important business development for us and our partnership with Vattenfall allows us to take a giant step toward offering our customers cars with an even smaller environmental footprint.”

Volvo has built three V70 plug-in hybrid prototypes which it will study to gather information, driving habits and various ways for high-speed home charging. The Swedish automaker said that the cars that are planned to go into series production in 2012 will feature a somewhat different technology.