Starting with 2019, the Swedish carmaker will only produce electric or hybrid vehicles, hinting the company might give up on launching any more internal combustion engine cars. Tesla owned by Elon Musk is the only company till now that sells cars which are only hybrid and electric. This wide range of plug-in hybrid models will represent one of the broadest electric auto offerings in the modern market.
According to the automobile manufacturer, all Volvo cars that come out after 2019 will be either electric or hybrid vehicles.
In that time, the firm says it will launch five all-electric cars, while petrol and diesel vehicles made during that time will offer a hybrid engine.
The latter two may even benefit from parent Geely's acquisition of Lotus Cars. However, there is still no confirmation from the company whether it will use the CMA or a Scalable Product Architecture or a completely a new platform for its upcoming electric auto.
Such a move will make Volvo the first major manufacturer to ditch cars with conventional engines only in favour of such a product range. As of yet, Tesla has had no major competitors in the fully-electric vehicle market, but Volvo's ambitious electrification efforts may introduce a new level of competition to the fledgling industry.
These five cars will be supplemented by a range of petrol and diesel plug in hybrid and mild hybrid 48 volt options on all models, Volvo said. The rest of the range will feature plug-in hybrid and 48V "mild hybrid" options for customers.
Electric already accounts for 42% of new auto sales in Norway, the world's fastest-growing EV (electric vehicle) market, and later this week Tesla will begin delivering its first mass-market electric auto, the Model 3.