By The Financial District
Mar 3, 20211 min
China-owned Volvo Cars said it plans to only sell fully electric cars as of 2030, seeking to cash in on the premium electric market, the fastest-growing segment in the global market, Deutsche Presse-Agentur (dpa) reported on March 2.
All models with an internal combustion engine, including hybrids, would be phased out, the Swedish carmaker said.
"There is no long-term future for cars with an internal combustion engine," said Henrik Green, chief technology officer. The 2030 target was "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."
"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," chief executive Hakan Samuelsson said in a statement.