Volvo has pledged to sell only electric vehicles by 2030, in a move that will see it phase out all car models with internal combustion engines, including hybrids.

The Swedish carmaker, owned by Hangzhou-based Zhejiang Geely Holding Group, also said it will “radically reduce” its product range’s complexity and make significant investments in online sales.

Volvo predicts 50 per cent of its global sales will be fully electric cars by 2025 and the other half hybrid models.

The announcement comes after similar pledges to go all-electric from Ford, General Motors, Bentley and Jaguar, amid pressure to hit CO2 emissions targets in Europe and China, and with the UK’s ban on the sale of petrol and diesel vehicles coming in 2030.

Volvo is set to display the C40, its second all-electric model, today.

The carmaker said it will then launch a new family of electric cars over the next few years, to be sold purely online.

Volvo said its global network of 2,400 bricks-and-mortar dealers will remain open to repair vehicles and to help customers order online.

"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," said Volvo chief executive Hakan Samuelsson.

Henrik Green, chief technology officer at Volvo, said: "There is no long-term future for cars with an internal combustion engine.”

Share Story: