Having already ditched diesel and invested in plug-in hybrids, Volvo has now committed to an all-electric future.
Overnight the company confirmed earlier reports it will sell only electric vehicles by 2030.
In a further twist, the Swedish automaker says it will only sell its pure electric models online.
Volvo Cars Australia has confirmed it, too, will go down this route.
“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. We are fully focused on becoming a leader in the fast-growing premium electric segment,” Håkan Samuelsson, Volvo’s CEO, said at a globally televised press event.
Henrik Green, the automaker’s chief technology officer, noted “there is no long-term future for cars with an internal combustion engine” and the company wants to “be a part of the solution when it comes to fighting climate change”.
Its second pure EV model, the new C40 crossover coupe, was launched alongside today’s all-electric announcement.
Reports indicate all-electric models in the pipeline include a EV variant of the next-generation XC90, and a new entry-level model likely to be branded XC20.
A new all-electric vehicle architecture is currently being developed, and will be shared with other members of the Geely group, including the parent brand, Lynk & Co, Proton, Lotus, and Polestar.
According to the company, it has seen strong demand for its electrified vehicles since their introduction, and believes the market for internal combustion engines is a “shrinking one”.
The automaker has previously stated half of its sales will come from all-electric models by 2025 with the remainder being petrol-electric hybrids.