Volvo to Transition into an Electric Vehicle Company by 2030

Source: Reuters

[Asia Economy Reporter Yujin Cho] Swedish automaker Volvo, owned by China's Geely Automobile, will transform into a company producing only electric vehicles starting in 2030.

H?kan Samuelsson, Volvo Chairman and CEO, stated on the 1st (local time), "We will fill Volvo's entire vehicle lineup with electric cars by 2030," adding, "Through this, we aim to join the global trend of phasing out fossil fuel vehicle production by 2030."

To transition into an electric vehicle company, Volvo will cease production of gasoline and diesel-powered passenger cars and sport utility vehicles (SUVs) starting in 2030. New electric vehicle models will be launched within the next few years, and all newly released electric vehicle models will be sold exclusively online.

He said, "I am confident that no customers will want to remain with internal combustion engine vehicles that use fossil fuels," and added, "Electric vehicles will be more attractive to customers."

Previously, Volvo announced its intention to stop producing gasoline and diesel cars, stating that half of its global sales will come from electric vehicles and the other half from hybrid vehicles.

Foreign media analyzed that Volvo's strategic shift is in response to strengthened global carbon emission regulations and the ban on sales of new internal combustion engine vehicles in major European countries. Norway plans to ban the sale of internal combustion engine vehicles starting in 2025, the UK in 2030, and France in 2040.

Global automakers are already accelerating their transition to fully electric vehicles. Ford previously announced it will convert its entire lineup in Europe to electric vehicles by 2030, and Bentley, owned by Germany's Volkswagen, also declared it will fill its entire lineup with electric vehicles by 2030.

This content was produced with the assistance of AI translation services.