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02 Mar 2021 | 11:55

Volvo pledges to only sell EVs by 2030

(Sharecast News) - The Swedish carmaker, Volvo, has pledged to shift all its production to electric cars by 2030 in a move to abandon fossil fuels and fight climate change. The Swedish carmaker also said it would only sell its electric cars direct to consumers online, in a blow to the traditional model of selling vehicles via independent dealerships.

Volvo had previously aimed for half of its sales to be electric by 2025, but on Tuesday said that its new strategy was an "acceleration" of plans to phase out internal combustion engine sales completely.

CEO HÃ¥kan Samuelsson, said the company did not want to be stuck targeting a shrinking market for petrol and diesel cars, reported the Guardian.

"To remain successful, we need profitable growth," he said. "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."

Volvo launched its first fully EV last year, the XC40 Recharge, and it will unveil a new electric 40 Series on Tuesday.

For 2020, it met EU-mandated emission targets and it sold emission credits to Ford for a sum that was not disclosed to the public.

The company recorded its best ever profits in the second half of 2020 as the Chinese market made a rebound from the fall in sales caused by the start of the coronavirus pandemic.
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