Volvo to be fully electric by 2030 and carbon neutral by 2040

The Volvo Group, headquartered in Gothenburg, Sweden, reports that it is accelerating its electrification movement and plans to be fully electric by 2030.

The car manufacturer reports that it was the first established car maker to commit to all-out electrification back in 2017 and that demand would decide when exactly the group would leave the internal combustion engine behind altogether. Volvo now sees demand for its electrified cars increasing rapidly.

By 2030, Volvo intends to be a leader in the electrification market and to have phased out cars with an internal combustion engine from its line-up, including hybrids.

The transition towards becoming a fully electric car maker is said to be a key part of the group’s ambitious climate plan to consistently reduce the life cycle carbon footprint per car through concrete actions. Volvo aims to be a climate neutral company by 2040.

Volvo explains that its plan also builds on the automaker’s conviction that fewer and fewer people want traditionally powered cars. It expects to see legislation to boost electric cars, in addition to expecting an accessible, high-quality charging infrastructure. This should accelerate demand for fully electric cars.

“To remain successful, we need profitable growth,” stated Håkan Samuelsson, 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.”

The group states that it is 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 reportedly be available online only.

In the coming years, Volvo plans to roll out several additional electric models, with more to follow. By 2025, the group aims for 50% of its global sales to be fully electric cars, before reaching the 2030 all-electric date.

Henrik Green, Chief Technology Officer, commented, “There is no long-term future for cars with an internal combustion engine. 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.”