What just happened? Volvo has announced information technology will just sell electric vehicles by 2030, phasing out all car models with combustion engines, including hybrids, over the next 9 years. The company previously said it's aiming for 50 percent of global sales to consist of fully electrical cars by 2025 and wants to become an all-electric automaker inside xx years; this new 2030 target represents an "acceleration" of the electrification strategy.

Swedish visitor Volvo, endemic past the Chinese Geely Group, says the new target appointment is driven by strong early demand for its first EV, the XC40 Recharge that launched last yr, and an expected expansion of EV charging infrastructure.

Volvo also said it is increasing its focus on online sales. The company will be rolling out several new fully-electrical models in the coming years, all of which will only be available online.

Volvo's first all-electric vehicle, the XC40 Recharge

"To remain successful, we need assisting growth. And so instead of investing in a shrinking business, we choose to invest in the future – electric and online," said Håkan Samuelsson, Chief Executive of Volvo Cars. "We are fully focused on becoming a leader in the fast-growing premium electric segment."

Several countries in Europe and elsewhere have announced plans to ban the sale of new cars or vans powered solely by fossil fuels within the next decade. This is in addition to the numerous carmakers that have pledged to get electric-only. Is the writing on the wall for combustion engines? Volvo certainly believes and so.

"There is no long-term hereafter for cars with an internal combustion engine," said Henrik Greenish, Chief Technology Officer at Volvo Cars.

Image credit: Philip Lange