Volvo, which is owned by China’s Geely Holding Group, said on Wednesday that all new vehicles launched by the company from 2019 will be either fully electric or hybrid.
In a statement, the automaker’s CEO Hakan Samuelsson said the shift “marks the end of the solely combustion engine-powered car” as far as the firm is concerned, the Wall Street Journal reports.
Samuelsson reiterated his target of selling one million electric cars and hybrids by 2025.
“When we said it, we meant it. This is how we are going to do it,” he said, unveiling the plans to fully switch to partially or completely battery-powered vehicles.
Volvo said it will launch five new electric and hybrid vehicles between 2019 and 2021.
Two of the new models would be built by Polestar, the performance-car unit that Volvo is spinning off as a “separately branded electrified global high performance car company”.
Volvo Cars will build the other three models, according to the report.
Volvo’s decision to accelerate the move to go electric could help it in light of a potential stock listing, the Journal said.
Volvo, a Swedish car maker that was founded in 1927, was bought by Ford Motor in 1999. Ford sold the company to China’s Geely in 2010.
Struggling when Geely acquired it, Volvo has achieved a significant turnaround and is building its first manufacturing plant in the US, the Journal noted.
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