Volvo cars to be electrically powered by 2030
China-owned Volvo Cars has disclosed its intention to only sell fully electric cars, with effect from 2030, seeking to cash in on the premium electric car market, the fastest-growing segment in the global market. Volvo says all its models with an internal combustion engine, including hybrids, would be phased out.
There is no long-term future for cars with an internal combustion engine,” said Henrik Green, chief technology officer.
The 2030 target, he noted, was driven by strong demand for its electrified cars in recent years and a firm conviction that the market for combustion engine cars is a shrinking one.
“To remain successful, we need profitable growth. So, instead of investing in a shrinking business, we choose to invest in the future which is electric and online,” chief executive Hakan Samuelsson said in a statement.
Last year, the carmaker launched its first fully electric car, the XC40 Recharge, before setting out to launch its second fully electric model.
2025, Volvo Cars said it aims for 50 per cent of its global sales to consist of fully electric cars, with the rest as hybrids.
Volvo Cars also planned to focus more on online sales, saying that all fully electric models will only be available online via Care by Volvo until recently known as the name for Volvo Cars’ subscription service.
The China-based Zhejiang Geely Holding Group took over ownership of the Swedish carmaker in 2010 from U.S. automotive giant Ford.
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