The CEO of Volvo Cars is confident that the Swedish automaker will deliver its new electric vehicle by 2024, despite serious supply chain problems.

Despite the short-term supply chain problems that have complicated Volvo's transition to electric vehicles (EVs), CEO Jim Rowan told Reuters that he believes the parts and component problems that have plagued the industry are fading, including a global shortage of semiconductor chips.

The company unveiled its newest electric vehicle, the EX90, in Stockholm and said it plans to launch new electric vehicles every year.

Volvo calls the EX90 electric SUV a highly evolved computer on wheels and claims it is safer than its previous vehicles and has a range of up to 600 kilometers.

The car, which seats up to seven people, will be produced in the U.S. and China using CATL batteries as part of Volvo's goal to produce electric cars by 2030.