OREANDA-NEWS. Swedish company Volvo Cars has announced, that it plans to produce only electric vehicles by 2030 and become the leader of this market. By this time, the company will gradually withdraw all cars with an internal combustion engine, including hybrids, from the global model range.

The transition to all-electric cars is part of Volvo's climate plan, which aims to consistently reduce the carbon footprint over the entire life cycle of the car. The company expects, that the demand for electric vehicles will grow due to the rapid expansion of the infrastructure of affordable high-quality charging stations, as well as changes in legislation, and that the market for cars with internal combustion engines will continue to decline.

Volvo also announced, that it is planning to launch an entirely new family of electric vehicles soon, which can only be purchased online.

«In order to remain successful, we must demonstrate profit growth. Therefore, instead of investing in a shrinking business, we prefer to invest in the future – in electricity and online», said CEO Hakan Samuelsson.

In 2020, Volvo began selling the first all-electric car, the XC40 Recharge. Today, March 2, the company will introduce the second representative of this series. By 2025, it is planned that 50% of global sales of Volvo Cars will be in electric cars, the rest – in hybrids.