Volvo cars announced a new commitment today to become a fully electric car company by 2030, selling only fully electric cars throughout its global portfolio, and phasing out any models with internal combustion engines (ICEs), including hybrids.

The move marks a significant acceleration in Volvo’s electrification plans, which the company says has been driven by growing demand for electrified cars, and anticipated declines in demand for ICEs. Volvo introduced its first fully electric car, the XC40 Recharge last year, and is unveiling its second today.

Håkan Samuelsson, Chief Executive, Volvo Car Group, said:

“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. We are fully focused on becoming a leader in the fast-growing premium electric segment.”

According to Volvo, the company’s transition towards becoming a fully electric car maker is part of its climate plan, which aims to consistently reduce the life cycle carbon footprint per car through concrete action.

Volvo’s electrification plans include the rollout of several additional electric models over the next few years, and the company is aiming to reach 50% of global sales from fully electric models by 2025, with the remainder consisting of hybrid models.

Henrik Green, Chief Technology Officer, said:

“There is no long-term future for cars with an internal combustion engine. 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.”