Volvo has announced that it will phase out the production of diesel-powered cars by 2024. Instead, the company will focus on fully-electric or hybrid models.
The Swedish automaker made the announcement during the Climate Week NYC.
According to Volvo CEO Jim Rowan, electric powertrains are our future: they generate less noise, less vibration, less servicing costs for customers and zero tailpipe emissions. Volvo will focus on creating a broad portfolio of premium, fully electric cars that are a key part of the company’s response to climate change.
In a separate statement, the company said it is no longer spending a single krona of its R&D budget on developing new internal combustion engines.