The company believes that petrol and diesel cars have no future, so they will focus on the production of electric cars.
Swedish automaker Volvo Cars plans to switch to electric cars by 2030.
The automaker is going to achieve this goal in two stages:
2025 – half of all cars will be electric, and the rest will be hybrid.
2030 – the company will completely abandon petroleum vehicles and hybrids. The company clarifies that they are forced to accelerate the transition to electric vehicles by the rules that are adopted in Europe. For example, in the UK, diesel and gasoline cars will be banned from 2030.
“To remain successful, we need profitable growth. Therefore, instead of investing in a shrinking business, we prefer to invest in the future – electricity and online. Combustion vehicles have no long-term future,” said Volvo CEO Hakan Samelsson.