Volvo plans to sell only electric cars by 2030 in the latest move by a leading carmaker to reduce demand on fossil fuels. Volvo had previously said it wanted half of its sales to be electric by 2025, but annouced this week that its new strategy was an “acceleration” of plans to phase out internal combustion engine sales completely.
Håkan Samuelsson, the Volvo chief executive, said the company did not want to be stuck targeting a shrinking market for petrol and diesel cars. He expected the carmaker’s sales to continue to grow as it moved to electric technology. “To remain successful, we need profitable growth,” he said. “So instead of investing in a shrinking business, we choose to invest in the future; electric.”
Volvo last year launched its first fully electric car, the XC40 Recharge; its electrified portfolio meant that Volvo easily achieved EU-mandated emissions targets in 2020. That allowed it to sell emissions credits to Ford, helping the US carmaker avoid steep EU fines. “There is no long-term future for cars with an internal combustion engine,” said Henrik Green, the Volvo chief technology officer. “We are firmly committed to becoming an electric-only carmaker 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.”
Volvo says it will make only electric cars by 2030, The Guardian, 2021-03-02