Volvo will only build electric cars by 2030

The carmaker will be focusing on the electric premium segment.

Volvo plans to phase out all internal combustion engines, including hybrid powertrains and will only produce electric cars by 2030.

The carmaker will invest heavily in online sales. However, customers will also be able to order cars through a dealership.

Henrik Green, Chief Technology Officer of Volvo has stated that the company needs to switch its focus as there is no long-term future for internal combustion engine vehicles. The carmaker will be focusing on the electric premium segment as it is expected to grow at a rapid pace.

Earlier, Volvo had announced that half of its product portfolio would be fully electric by 2025. At present, Volvo's electric car portfolio includes the XC40 Recharge and the recently introduced C40 Recharge. The latter comes with two electric motors - one on each axle, and a 78 kWh battery that is said to offer a maximum range of about 420 km.