Volvo Cars will produce its last diesel vehicle early next year.
This follows the company’s decision last year to halt the development of any new internal combustion engines.
In November 2022 Volvo Cars sold its stake in Aurobay, the joint venture company that held all of its remaining combustion engine assets.
By 2030, the Swedish brand plans to sell only fully electric cars, and by 2040 it aims to be a climate neutral company.
Volvo Cars says its decision to completely phase out diesel engines by early 2024 illustrates how rapidly the car industry and customer demand are changing.
Only four years ago, the diesel engine was the company’s bread and butter in Europe.
The majority of cars Volvo sold on the continent in 2019 were powered by diesel, while electrified models were only just beginning to make their mark.
That trend has since largely inverted itself, driven by changing market demand, tighter emission regulations, as well as a focus on electrification.
The majority of Volvo Cars’ sales in Europe now consists of electrified cars, featuring either a fully electric or plug-in hybrid powertrain.
“Electric powertrains are our future and superior to combustion engines: they generate less noise, less vibration, less servicing costs for our customers and zero tailpipe emissions,” says Volvo Cars CEO Jim Rowan.
“We are fully focused on creating a broad portfolio of premium, fully electric cars that deliver on everything our customers expect from a Volvo – and are a key part of our response to climate change.
“What the world needs now, at this critical time for our planet and humanity, is leadership,” adds Rowan.
“It is high time for industry and political leaders to be strong and decisive, and deliver meaningful policies and actions to fight climate change.
“We are committed to doing our part and encourage our peers, as well as political leaders around the globe, to do theirs.”