Volvo Cars announces diesel phase-out by early 2024
Volvo Cars has unveiled its commitment to a greener future by announcing the cessation of diesel-powered car production by early 2024. This announcement, made during Climate Week NYC, follows the company’s strategic decision last year to halt the development of new combustion engines.
By 2030, Volvo Cars aims to exclusively sell fully electric vehicles, with a broader goal to achieve climate neutrality by 2040. This ambitious roadmap underscores one of the most transformative plans among traditional car manufacturers.
Jim Rowan, chief executive at Volvo Cars, stated, “Electric powertrains are the future. They offer numerous benefits, including reduced noise, fewer vibrations, lower maintenance costs, and zero tailpipe emissions. We’re dedicated to creating a diverse range of premium electric cars that align with our commitment to combating climate change.”
The urgency of the climate crisis is evident. The recent Global Climate Stocktake report by the United Nations highlighted the pressing need for decisive action. “Now is the time for industry and political leaders to act boldly and implement impactful policies to address climate change,” said Rowan.
Reflecting on the industry’s rapid evolution, just four years ago, diesel engines dominated Volvo’s sales in Europe. However, the shift towards electrification, driven by market demand and stricter emission regulations, has now placed electric and plug-in hybrid vehicles at the forefront of their sales.
Volvo Car Group (Volvo Cars) is owned by Zhejiang Geely Holding (Geely Holding) of China. Volvo Cars formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company. In 2010, Volvo Cars was acquired by Geely Holding. Zhejiang Geely Holding Group Co., Ltd., commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. The company is privately held by Chinese billionaire entrepreneur Li Shufu.