Automotive company Volvo has announced it will phase out the sale of fossil fuel and hybrid cars by 2030.
By then, the Swedish carmaker will only sell electric cars globally, and will no longer sell those with internal combustion engines. Volvo said this was part of its “ambitious climate plan” to reduce its carbon footprint.
The company said its decision was based on expectations that consumer acceptance of electric cars will grow due to increasing environmental legislation, and the expansion of electric vehicle charging infrastructure.
Those in the automotive industry have come under increasing pressure to make the switch to electric, with Volvo noting that the “market for combustion-engined 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 of Volvo Cars. “We are fully focused on becoming a leader in the fast-growing premium electric segment.”
Last year, the UK government brought forward a ban on the sale of new petrol and diesel cars from 2040 to 2030 as part of plans to encourage green economic recovery post-pandemic. It has also pledged £20m for the rollout of on-street electric vehicle charging points.
UK automaker Jaguar Land Rover announced last week that it will only sell electric cars from 2025 and will launch six “pure electric variants” of its vehicles over the next five years.
Volvo launched its first fully electric car, the XC40 Recharge, last year, and plans to release several new electric models in the coming years.
The company aims to have 50% of its global sales to be fully electric cars by 2025.
“There is no long-term future for cars with an internal combustion engine,” said Henrik Green, chief technology officer at Volvo Cars. “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.”
Volvo said it will also focus on its online offerings, with all fully electric models only available to buy online.
Read More: Jaguar to sell electric cars only from 2025.