JAKARTA - All of Volvo's car products are targeted to be fully electric by 2030, the Chinese-owned company said on Tuesday.
This announcement means that Volvo will join forces with a number of other world automakers, which plan to phase out fossil fuel engines by the end of this decade. Starting from Ford to Bentley.
“I firmly believe that no customer will really want to stick to a gasoline engine. We believe electric cars are more attractive to customers, ”Volvo Chief Executive Håkan Samuelsson told reporters when asked about future demand for electric vehicles as reported by Reuters.
The Swedish automaker said 50 percent of its global sales should be fully electric cars by 2025 and half of other hybrid models.
Owned by the Hangzhou-based Zhejiang Geely Holding Group, Volvo will launch a new family of electric cars in the next few years, all of which will only be sold online.
Samuelsson said Volvo would include wireless upgrades and fixes for its new electric model, an approach pioneered by electric carmaker Tesla Inc.
Electrification is costly for carmakers and because electric vehicles have fewer parts, car use is expected to shrink.
Volvo CEO Samuelsson says electrification across the industry will largely affect engine manufacturers and auto suppliers who provide everything from oil filters to fuel injectors and spark plugs.
"That's a lot of work, of course. But, overall I don't think there will be a big difference, "he said.
So far Volvo has not been affected by a global semiconductor chip shortage triggered by the pandemic, which has closed a large number of assembly plants, which Samuelsson says is thanks to constant communication with suppliers.
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