Volvo’s last diesel car will roll off the line “by early 2024,” the company said on Tuesday.
A few years later, Volvo came out with a more ambitious goal, pledging to exclusively sell electric vehicles by 2030.
“Only four years ago, the diesel engine was our bread and butter in Europe,” Volvo said in its statement on Tuesday. A heck of a lot’s changed since then; hybrid and fully electric vehicles made up more than half of all European car sales in July 2023, while diesel cars represented just 14% of sales in the same period.
Though Volvo still produces gas-powered cars, the automaker promised that it’s “no longer spending a single krona of our R&D budget on developing new internal combustion engines.”