Story at a glance
- Volvo announced that it will begin phasing out combustion engine car models and going completely electric by 2030.
- Other car companies have also had sustainability plans.
Volvo Cars is the latest auto giant to enter the electric car market, announcing that it plans to only manufacture and retail electric vehicles.
Announced on Tuesday, the company aims to phase out any remaining vehicle with an internal combustion engine by 2030, including hybrids. At this point, it would only retail electric vehicles (EVs).
“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,” said Håkan Samuelsson, Volvo’s chief executive officer. “We are fully focused on becoming a leader in the fast-growing premium electric segment.”
Prior to its 2030 deadline, the company aims to have 50 percent of its global sales be composed of fully electric cars, with the remaining half being hybrids.
Volvo is now entering into a competitive U.S. market, led by Tesla. Other larger and older companies, like General Motors and Ford, have their similar sustainability goals and EV models.
On the same day, Volvo launched its new EV, the Volvo C40 Recharge. It is a completely electric car with built-in Google or Android operating system capabilities.
“There is no long-term future for cars with an internal combustion engine,” Volvo Chief Technology Officer Henrik Green commented. “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.”
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