Electric mission: Volvo cars to become fully EV company by 2030

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Volvo Car has revealed its plan to become fully electric vehicle company by the year 2030.

It said it is committed to becoming a leader in the fast-growing premium EV market and plans to become a fully electric car company by 2030.

The company, by then, intends to only sell fully e-cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids.

Volvo’s transition towards becoming a fully e-car maker is part of its ambitious climate plan that aims to consistently reduce the life cycle carbon footprint per car through concrete action.

Håkan Samuelsson, chief executive, 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.”

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

Volvo’s decision also builds on the expectation that legislation as well as a rapid expansion of accessible high quality charging infrastructure will accelerate consumer acceptance of fully electric cars.

Transparent consumer offer

The company’s move towards full electrification comes together with an increased focus on online sales and a more complete, attractive and transparent consumer offer under the name Care by Volvo. All models will be available online only.

Its vision for 2030 represents 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 engine cars is a shrinking one.

It may be recalled that Volvo Cars launched its first fully electric car, the XC40 Recharge, in markets around the globe last year.

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

(With inputs from Automotive Lead Research Team)

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