‘Only electric from 2030’ — Volvo says no future for fuel-powered cars

The campaign for the adoption of green energy and electric vehicles received a boost on Tuesday when Volvo, a Swedish carmaker, announced that it will focus on electric vehicles from 2030.

Hakan Samuelsson, the company’s chief executive officer, said the company is seeking to invest in the future and quit the “shrinking business” of combustion car engines.

According to Samuelsson, all models with an internal combustion engine, including hybrids, would be phased out.

“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,” he said.

Henrik Green, Volvo’s chief technology officer, explained that the 2030 target is driven by “strong demand for its electrified cars in recent years and a firm conviction that the market for combustion engine cars is a shrinking one”.

“There is no long-term future for cars with an internal combustion engine,” Green said.

“We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change.”

The Nigerian economy, which relies heavily on the revenue generated from crude oil exports, might be affected by this development as European countries are the largest importers of Nigeria’s crude oil.

In January 2021, Volvo sold 59,588 cars, recording a 30.2 percent increase from January 2020 when it sold 45,752 vehicles.

Volvo had previously announced plans to make 50 percent of its vehicles electric by 2025 while the remaining half relies on hybrids.

The company said the new strategy aligns with the United Kingdom’s 2030 ban on internal combustion engine sales.

In November, UK Prime Minister Boris Johnson said new cars and vans powered by petrol and diesel will not be sold in the UK from 2030.

Johnson said it is part of “a green industrial revolution” to tackle climate change and to create jobs.

In 2020, Volvo launched the XC40 Recharge, its first fully electric car.