Volvo Announces Shift Towards Electric Engines
Volvo announced on Wednesday that all new Volvo models would be either fully electric or a hybrid starting in 2019. Volvo is the first major auto maker to announce intentions to abandon combustion engines which have been the standard in the industry for more than a century. Hakan Samuelsson, president and chief executive of Volvo Cars, said in a statement that the move “marks the end of the solely combustion engine-powered car,” reiterating his target of selling one million electric cars and hybrids by 2025. The shift to electric vehicles comes as manufacturers have been dealing with the rising costs of developing combustion engines that meet ever-stricter emissions regulations. Volvo will launch five new electric and hybrid vehicles between 2019 and 2021, with two of the new models being built by Volvo subsidiary, Polestar.
