Volvo has announced that it intends to become a fully electric car company by 2030, with plans put in place to phase out both internal combustion engine and hybrid powertrains.
The move to only producing fully electric cars is part of the OEM’s climate plan, which aims to reduce the lifecycle carbon footprint of each car produced. It builds on the company’s expectation that the expansion of charging infrastructure will accelerate and grow the consumer EV market. Volvo will also place an increased focus on online sales, with fully electric models to be available only through the web.
“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,” said Håkan Samuelsson, chief executive of Volvo.
Volvo seeks to achieve a global sales target of 50% fully electric vehicles by 2025, with the other 50% to be hybrids, pushing toward the 2030 goal of 100% fully electric sales.
Henrik Green, chief technology officer at Volvo, concluded, “There is no long-term future for cars with internal combustion engines. 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 part of the solution when it comes to fighting climate change.”