Volvo, the maker of the EX90 and XC40 Recharge, will have an all-electric lineup globally by 2030, “no ifs, no buts,” according to the brand’s chief commercial officer Bjorn Annwall, who spoke with Automotive News on the sidelines at the launch event for the company’s all-new EV, the EX30 small crossover.
"Volvo will not sell a single car that is not full-electric after 2030, regardless of market," said Annwall, which is a stark contrast to rival brands such as Mercedes-Benz, which pledged to go all-electric by 2030 “where market conditions allow.”
At the same time, names like BMW and Toyota are playing it safe and going with a diversified powertrain offering ranging from petrol, battery-powered, and hydrogen-powered platforms for the foreseeable future.
Gallery: 2024 Volvo EX90 North American Debut
Volvo is aware of the risks associated with this bullish decision, the biggest one being a potential loss of sales, but as Bjorn Annwall puts it, focusing financial and human resources on a single powertrain technology gives the company the best shot at producing the most compelling EVs.
"We would give up a lot of growth if we didn't focus on battery" vehicles, he said. "Last time I looked, that's a very strong growing market, and ICE is a shrinking market. To be successful, you should focus on the growing part of the market."
Furthermore, Volvo’s CEO, Jim Rowan, believes that the best way forward for the Swedish-based car manufacturer is to go all in on the future rather than throw money at “old technology”, i.e. combustion engines.
"Would you invest in an internal combustion engine in 2029?" Rowan said. "Maybe we sacrifice a little bit [in sales], but I think we gain a lot more than we sacrifice."
The Geely-owned automaker will launch at least five new EVs by 2026, according to a Reuters report from February which says that Volvo Cars has plans to introduce a luxury electric minivan on the Asian market, besides converting the S60 and S90 saloons into battery-powered cars.
The company’s latest EV, the small EX30 crossover, debuted this week with a starting price of £33,795 and an expected start for deliveries in Summer 2024.