Volvo said it aims to have half of its global sales by 2025, entirely of electric cars, with the remaining half being hybrids.
Volvo said it would make electric vehicles only by 2030. The Swedish automaker said on 2 March that it was phasing out the production of all cars' internal combustion engines – including hybrids.
“Cars with internal combustion engines have no long-term future,” said Volvo's chief technology officer Heinrich Green.
Volvo's announcement follows General Motors' pledge earlier this year to make only battery-powered vehicles by 2035.
Volvo also stated that, while all of its electric vehicles will be sold exclusively online, the dealership “will remain an important part of the customer experience and will continue to be responsible for many important services such as car sales, preparation, delivery and servicing.” ”
As part of the announcement on 2 March, the Swedish automaker will unveil its second fully electric car, a follow-up to last year's XC40 recharge, a compact SUV. Volvo said it aims to have half of its global sales by 2025, entirely of electric cars, with the remaining half being hybrids.
Vehicle manufacturers around the world are improving the production of electric vehicles as technology improves and governments implement stricter pollution regulations.
“We are strongly committed to becoming an electric-only car manufacturer,” Green said. “This will allow us to meet our customers' expectations and be part of the solution to fight climate change.”
Last year, around 2.5 million electric vehicles were sold worldwide and industry analyst IHS Markit estimated a 20% increase in 2021.
Volvo says it sold 661,713 cars in cars from around 100 countries worldwide in 2020. According to Autodata Corp, 107,626 of those vehicles were sold in the US.
Established in 1927, Volvo Cars has been owned by Zhejiang Gelei Holding Group of china since 2010.