Volvo Cars is committed to becoming a leader in the fast-growing premium electric car market and plans to become a fully electric car company by 2030, the company announced Tuesday.
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By then, the company intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids.
The 2030 ambition represents an acceleration of Volvo Cars' electrification strategy, 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 – electric and online," said Håkan Samuelsson, chief executive. "We are fully focused on becoming a leader in the fast-growing premium electric segment."
