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Wednesday, March 3, 2021

Volvo Cars to Follow Tesla's Lead as It Will Become a Fully Electric Carmaker by 2030


Volvo will be following Tesla lead, and will become a premium all-electric carmaker by 2030. By that time, the Swedish carmaker will phase out its global portfolio of products equipped with an internal combustion engine, including hybrids.

Hand in hand with Volvo’s move towards full electrification, they will also show an increased focus in online sales, with a more complete and transparent experience.

The 2030 goal is 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-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.”

Volvo Cars launched its first fully electric car, the XC40 Recharge, in markets around the globe last year.

In the coming years, Volvo Cars will roll out several additional electric models, with more to follow. Already by 2025, it aims for 50 percent of its global sales to consist of fully electric cars, with the rest hybrids. By 2030, every car it sells will be fully electric.

“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.”

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