March 02, 2021
Volvo plans to be fully electric by 2030
Fully electric models are easily the fastest growing segment in the car industry. That’s not so strange, seeing as they’re a fairly recent phenomenon, but all arrows point in the same direction: fully electric cars are rapidly conquering markets around the globe. Regulations, incentives and customer preferences all do their bit to drive the development.
Back in 2017, we were the first established car maker to commit to all-out electrification. We said that customer demand would decide when exactly we would leave the internal combustion engine behind altogether. Now we see that demand for our electrified cars is increasing rapidly.
So we’re comfortable putting a year on that earlier commitment: we plan to become a fully electric premium car maker by 2030. By that date, we intend to be a leader in that market segment and aim to have phased out cars with an internal combustion engine from our line-up – including hybrids.
Our transition towards becoming a fully electric car maker is a key part of our ambitious climate plan. We want to consistently reduce the life cycle carbon footprint per car through concrete actions. In the long term, we want to be a climate neutral company by 2040.
Our plan also builds on our conviction that fewer and fewer people want traditionally powered cars. We expect to see legislation to boost electric cars, while we also expect accessible high-quality charging infrastructure will be more common. That should accelerate demand for fully electric cars.
“To remain successful, we need profitable growth,” says Håkan Samuelsson, our chief executive. “So instead of investing in a shrinking business, we choose to invest in the future – electric and online. We’re fully focused on becoming a leader in the fast-growing premium electric segment.”
We’re moving fast towards full electrification with an increased focus on online sales and a more complete, attractive and transparent consumer offer. All fully electric models will be available online only
In coming years we’ll roll out several additional electric models, with more to follow. Already by 2025, we aim for 50 per cent of our global sales to be fully electric cars, before we reach the all-in point by 2030.
“There is no long-term future for cars with an internal combustion engine,” says Henrik Green, our chief technology officer. “We’re firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It’ll allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change.”