Volvo has received €420 million from the European Investment Bank to cover the development cost of a new dedicated battery electric vehicle (BEV) platform, part of Volvo’s goal of becoming a pure electric vehicle brand by 2030. The loan comes as Volvo reports record sales last year of 708,716, partially thanks to BEV sales increasing 70% year-on-year (YoY) to over 110,000 vehicles during the period. Despite this improvement in sales, and progress in establishing itself within the electric vehicle industry, Volvo’s share price fell last week because of parent company Geely’s decision to sell 100 million shares, or $350 million, leaving Geely with a 78.7% stake in the company. Geely’s intent for Volvo to become a 100% electric brand by…