Volvo has outlined an ambitious plan that radically alters its direction. The Swedish brand owned by a Chinese giant Zhejiang Geely Holding Group has a global reputation for safety and has a deserved reputation for staying true to its values. A pioneer in automotive safety since its formation as a car brand in 1927, Volvo continues to innovate. For a number of years the firm has been signalling its intent to go all electric and today has set a date of 2030 to do this.
Volvo Cars intends to phase out any car in its global portfolio with an internal combustion petrol/diesel engine, including hybrids by 2030. 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. “To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future,” said Håkan Samuelsson, chief executive. “We are fully focused on becoming a leader in the fast-growing premium electric segment.”
In coming years Volvo Cars will roll out several additional electric models, with more to follow. Already by 2025, it aims for 50% of its global sales to consist of fully electric cars, with the rest hybrids. By 2030, every car Volvo sells should be fully electric. “There is no long-term future for cars with an internal combustion engine,” said 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.”