WATCH | Investing in the future - Here's why Volvo will only sell electric vehicles by 2030

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• Volvo plans to go all-electric by 2030.

• The futures-plan will see internal combustion engines and hybrids fall by the wayside.

• By 2030, Volvo vehicles will be sold online only.

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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 only to sell fully electric cars and phase out any vehicle in its global portfolio with an internal combustion engine, including hybrids. The company's transition towards becoming a fully electric car maker is part of its ambitious climate plan, which consistently reduces the life cycle carbon footprint per car through concrete action.

Its decision also builds on the expectation that legislation and a rapid expansion of accessible, high-quality charging infrastructure will accelerate consumer acceptance of fully electric cars.

Volvo'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 fully electric models will be available online only.

Accelerating the strategy

The 2030 ambition represents an acceleration of Volvo's 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 shrinking.

Håkan Samuelsson, chief executive at Volvo, says: "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."

Volvo launched its first fully electric car, the XC40 Recharge, in global markets last year. The company will later reveal its second fully electric car, a new model in the 40 Series.

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

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."

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