Volvo to Stop Investing in “Shrinking Business,” Confirms Switch to Electric

Yet another automaker has but a date on the end of the production of its internal combustion engine vehicles.  In an announcement today, Swedish automaker Volvo revealed its plan to phase out ICE and hybrids vehicles in order to only offer all-electric cars by the end of the 2030.

Of course Volvo is not the first name on a long list of automakers who have, or are getting close to announcing a similar phase-out processes as gas-powered vehicles begin to become a vehicle of the past:

Volvo Cars is committed to becoming a leader in the fast-growing premium electric car market and plans to become a fully electric car company by 2030. By then, the company intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids.”

As mentioned above, the Swedish automaker will be added to a growing list of automakers who are hopping on board the EV train. Although several automakers have announced plans to phase-out internal combustion engine, most will continue to produce hybrid and plug-in hybrids. The fact that Volvo is not, adds weight to the automakers announcement as it shows their dedication and commitment to electrification.

During the announcement, Volvo also revealed it would be taking the sales process of its electric vehicles to the web instead of traditional dealerships.

CEO of Volvo, Håkan Samuelsson said about the decision: “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.”

Henrik Green, Volvo chief technology officer commented: “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.”

Volvo currently only offers one all-electric vehicle, the Volvo XC40 Recharge. However, the automaker is planning to add several more EVs and shared this image that is representative of the road ahead for new EV manufacturer. 

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