The Swedish automaker is on a trajectory to transform into an all-electric car manufacturer. In a statement, Volvo stated, “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.”
Volvo, predominantly owned by China’s Geely, has made a firm commitment to achieving full electrification by 2030. Furthermore, the Swedish brand has set an ambitious goal to attain carbon or climate neutrality by 2040. While diesel vehicles constituted a significant portion of Volvo’s European sales as recently as 2019, by 2022, they accounted for just 8.9% of the company’s total sales.
In August, fully electric or hybrid models represented 33% of Volvo’s sales. However, the company did not provide a breakdown of how many of the remaining 67% of combustion-engine models were diesel-powered versus petrol-powered.
The demand for diesel models in Europe has seen a precipitous decline since the Volkswagen emission-cheating scandal. Consequently, automakers have been progressively reducing the availability of diesel models in their vehicle lineups. In 2015, diesel vehicles comprised more than 50% of new car sales in Europe, but by July, their market share had dwindled to slightly over 14%.
