The world is moving towards electric cars, and Volvo will be one of the first legacy car makers to switch to EVs entirely. The Swedish company, currently owned by China’s Geely (0175. HK), announced that it will stop producing diesel cars in its global range by early 2024. This is a clear signal that the company is becoming an all-electric carmaker.
The move is expected to be a boon for Volvo’s sales of electric cars. It will also help it meet stringent emissions standards. According to Volvo, fewer diesel cars on the roads will positively impact urban air quality. The company said that the shift to EVs also aligns with customer demand.
According to a report by Automotive News, Volvo will introduce five new pure-electric models in the next few years. The company is also reportedly planning to expand its production capacity of battery-powered vehicles at the company’s South Carolina plant.
This will give it a strong position in the rapidly expanding global market for electric cars. However, there are still some hurdles that Volvo needs to overcome before it can ultimately make the transition to EVs. One of these hurdles is the cost of producing battery-powered vehicles.
Another hurdle is the availability of charging stations in some countries. However, Volvo said it will work closely with governments to establish a charging point network. It is also working on user-friendly solutions for EV drivers and is committed to creating a sustainable and electrified future for its customers.
The Swedish company also plans to launch a range of SUVs and sedans with an all-electric drive system, which will be available in Europe starting in 2021. Volvo will continue to offer its traditional petrol and diesel engines on selected models for local markets.
Until recently, most of Volvo’s vehicles sold in Europe used a diesel engine. This has changed significantly due to changing customer demands, stricter emission regulations, and the rise of EVs. In the future, all new Volvo car models will be offered with either a hybrid, plug-in hybrid, or pure electric powertrain.
The Swedish company is renowned for its commitment to passenger safety and the environment. This latest decision shows that it is taking its responsibilities seriously. It will be interesting to see how other automotive companies follow suit in the coming months and if they will begin to ditch the traditional internal combustion engine. If the major players start to abandon diesel engines, it will mark a significant milestone in the automotive manufacturing world. Besides, the end of diesel engines will also positively impact the economy as fossil fuel use will decline substantially. This will also save a lot of money for the car manufacturers. In the long run, the entire industry will benefit from this move.
