Every major automaker from Ford to Toyota is getting onboard the electric vehicle train, so it's no surprise to learn that Volvo is now planning to get in on the act with a plug-in hybrid developed with assistance from Swedish clean energy company Vattenfall.

The four wheel drive V70 PHEV, scheduled to be released in 2012, will come with a diesel engine that can run on synthetic fuel. The parallel hybrid power train will be able to coast on electric power for 30 miles before the diesel engine starts working. Overall, the concept car will have a range of 745 miles.

According to Volvo, the car will have total carbon dioxide emissions of 50 grams per kilometer--enough to ensure that the PHEV 70 receives a discount of at least 5,000 Euros from the EU. If the battery is recharged using renewable energy sources, Volvo claims that the V70 releases almost net zero CO2. As part of the deal with Vattenfall, Volvo will offer customers the option to buy renewable energy from their utility. Volvo is initially only planning to offer the V70 PHEV in Europe, but the company is considering releasing the car in the U.S. at a later date. No word on pricing, but the 5,000 Euro discount will likely make the vehicle attractive to shoppers look for a mid-priced, reliable car.

[Via CNET]