Volvo has announced by 2030 it will become a manufacturer of electric vehicles only.
Part of its carbon footprint reduction plan before then, the Chinese-owned Swedish motor manufacturer said it would phase out internal combustion and hybrid models over the coming years, while at the same time focusing purely on online sales.
“There is no long-term future for cars with an internal combustion engine. We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change,” chief technology officer Henrik Green said in a statement.
The manufacturer, which unveiled the all-electric XC40 Recharge two years ago, also announced the roll-out of more battery powered vehicles over the coming years in order to obtain a 50/50 sales split between hybrid and electric cars by 2025.
“To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future – electric and online. We are fully focused on becoming a leader in the fast-growing premium electric segment,” Volvo CEO Håkan Samuelsson said in the same statement.