Swedish multinational vehicle manufacturer Volvo (STO: VOLV) will be producing electrical vehicles only by the year 2030. The company made this announcement on March 2 as it unveiled its car-line up.
Notable automakers have been making a partial shift towards production of electric vehicles as they try to phase out fossil-fuel engines out of the market due to emissions caused by such cars which are not environmental friendly.
“I am totally convinced there will no customers who really want to stay with a petrol engine. We are convinced that an electric car is more attractive for customers,” said Volvo’s Chief Executive Håkan Samuelsson.
Volvo says by the year 2025, 50% of its vehicle production will be electric cars and the remaining 50% will be hybrid vehicles.
China based electric vehicle manufacturer Zhejiang Geely Holding Group has 8.2% stake in Volvo, the company separately announced it will be launching its new line of family vehicles soon and they will be sold online only.
Samuelsson said Volvo would be unveiling its second electric vehicle model later in the day which will includes a wireless upgrades and fixes an upgrade which was first adopted by leading electric vehicle manufacturer Tesla Inc. (TSLA).