2023-09-19 14:46:54 ET
Swedish luxury vehicle maker Volvo Cars ( OTCPK:VLVLY ) ( OTCPK:VOLAF ) ( OTCPK:VOLVF ) on Tuesday said it would end production of all diesel-powered models early next year, in a step towards its goal of selling only fully electric cars by 2030.
The general consensus is that electric vehicles ((EVs)) are well on their way to one day eventually replacing all combustion engine based cars.
Bank of America in mid-June asserted that ICE (internal combustion engine) dominance was over, noting that EVs for the first time were expected to account for a larger portion of new model launches at 46% vs. ICE at 36% and hybrids representing another 18%.
"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," Volvo ( OTCPK:VLVLY ) ( OTCPK:VOLAF ) ( OTCPK:VOLVF ) top boss Jim Rowan said in a statement .
The automaker announced the update at Climate Week NYC, an annual climate action centered event that takes place in New York City.
"In November of 2022 we sold our stake in Aurobay, the joint venture company that harbored all of our remaining combustion engine assets," the company said.
"In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step," the automaker added.
Volvo ( OTCPK:VLVLY ) ( OTCPK:VOLAF ) ( OTCPK:VOLVF ) earlier this month posted a 18% Y/Y jump in August sales, with fully electric vehicles accounting for 13% of all sales.
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Volvo's last diesel car to be made in early 2024