Volvo has committed to transitioning its entire model line-up to fully electric vehicles by 2030, accelerating its plans to phase out combustion engine vehicles, including hybrids. The Swedish company will also move sales of all its models online.
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In 2019, the Geely-owned firm committed to becoming a fully electric car brand within 20 years, with company boss Hakan Samuelsson saying at the time that customer demand would set the exact timetable. That included the goal of making half of its sales EVs by 2025, with the rest being plug-in hybrids. Volvo’s target to become fully electric within nine years marks an acceleration of that target, which the company says is driven by strong early demand for its first EV, the XC40 Recharge, and the expectation that legislation and the expansion of charging infrastructure will increase customer demand for EVs. The UK, for example, has committed to banning sales of virtually all non-zero emission new cars from 2030 onwards. “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 Samuelsson. “We are fully focused on becoming a leader in the fast-growing premium electric segment.” Henrik Green, Volvo’s chief technology officer, added that “there is no long-term future for cars with an internal combustion engine.”
Volvo has already taken steps towards a full electric shift, including merging its combustion engine program with sister firm Geely’s and divesting that into a standalone company. Volvo revealed its first electric car, the XC40 Recharge, in late 2019 – it is expected to launch in India sometime in 2021. It has also taken the wraps off its second EV, the C40 Recharge, on March 3.
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