Volvo Cars this week committed to becoming a fully electric car company by 2030.
By then, the company says, it intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids.
The company’s transition towards becoming a fully electric car maker is part of its ambitious climate plan, which seeks to consistently reduce the life cycle carbon footprint per car through concrete action. It also aims to be a leader in the premium electric car market.
Its decision builds on the expectation that legislation as well as a rapid expansion of accessible, high-quality charging infrastructure will accelerate consumer acceptance of fully electric cars.
Volvo Cars’ move towards full electrification comes together with an increased focus on online sales and a more complete, attractive and transparent consumer offer under the name Care by Volvo. At this stage, Volvo intends all fully electric models to be available online only.
The 2030 ambition represents an acceleration of Volvo Cars’ electrification strategy, driven by strong demand for its electrified cars in recent years and a 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 – electric and online,” says Håkan Samuelsson, chief executive of Volvo Cars. “We are fully focused on becoming a leader in the fast-growing premium electric segment.”
Volvo Cars launched its first fully electric car, the XC40 Recharge, in markets around the globe last year. This week the company revealed its second fully electric car, a new model in the 40 Series.
In coming years Volvo Cars will roll out several additional electric models, with more to follow. It aims for 50% of its global sales by 2025 to consist of fully electric cars, with the rest hybrids. By 2030, every car it sells should be fully electric.
“There is no long-term future for cars with an internal combustion engine,” says Henrik Green, chief technology officer. “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.”