Volvo says it will make only electric vehicles by 2030. 

The Swedish automaker said on Tuesday that it is phasing out the production of all cars with internal combustion engines — including hybrids.

“There is no long-term future for cars with an internal combustion engine,” said Henrik Green, Volvo’s chief technology officer.

Volvo’s announcement follows General Motors’ pledge earlier this year to make only battery-powered vehicles by 2035.

Volvo also said that, while its all-electric vehicles will be sold exclusively online, dealerships will 'remain a crucial part of the customer experience and will continue to be responsible for a variety of important services such as selling, preparing, delivering, and servicing cars'.

As part of the announcement Tuesday, the Swedish automaker will unveil its second fully electric car, a follow-up to last year’s XC40 Recharge, a compact SUV. Volvo said its goal is to have half of its global sales be fully electric cars by 2025, with the remaining half made up of hybrids.

Automakers around the world are ramping up the production of electric vehicles as charging technology improves and governments impose stricter pollution regulations.

“We are firmly committed to becoming an electric-only car maker,” Green said. “It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change.”

Despite the rising number of EVs available in the US, fully electric vehicles accounted for less than 2% of new vehicle sales last year. Americans continue to spend record amounts on gas-powered trucks and SUVs.

About 2.5 million electric vehicles were sold worldwide last year and industry analyst IHS Markit forecasts that to increase by 70% in 2021.

Volvo says it sold 661,713 cars in about 100 countries cars worldwide in 2020. According to Autodata Corp, 107,626 of those vehicles were sold in the US.

Founded in 1927, Volvo Cars has been owned by China’s Zhejiang Geely Holding Group since 2010.

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Hyundai Motor Company is spearheading the development of a hydrogen society and fuel cell commercial vehicle ecosystem in China with regional partners.

Hyundai Motor announced today that it has signed an MOU with Shanghai Electric Power Co. Ltd., Shanghai Sunwise New Energy System Co. Ltd., and Shanghai Ronghe Electric Technology Financial Leasing Co. Ltd., with an aim of establishing a hydrogen mobility ecosystem around Shanghai and Yangtze River Delta area.

The company also signed a separate MOU with China Iron and Steel Research Institute Group (CISRI) and Hebei Iron and Steel Group (HBIS Group) for an equivalent aim in the Jing-Jin-Ji area as it introduced Hyundai XCIENT Fuel Cell heavy-duty truck for the first time in China at the 2020 China International Import Expo (CIIE).

The MOU among Hyundai, Shanghai Electric Power, Shanghai Sunwise New Energy System, and Shanghai Ronghe Electric Technology Financial Leasing will form a cooperative system that connects the production of hydrogen, construction of refueling stations, and financing of fleet operations based on the supply of Hyundai’s fuel cell electric commercial vehicles in the Yangtze River Delta area. In addition, it plans to promote a pilot operation business of fuel cell electric vehicles.

Shanghai Electric Power will lead investments in constructing hydrogen refueling stations and an electrolytic hydrogen production process using renewable energy as well as propelling a hydrogen production project through the Integrated Gasification Combined Cycle (IGCC).

Shanghai Sunwise will build and operate hydrogen refueling stations and provide comprehensive solutions for hydrogen refueling, while Shanghai Ronghe Electric Technology Financial Leasing will provide financial support services for the fuel cell electric commercial vehicle pilot operations.

Hyundai Motor will supply its fuel cell electric commercial vehicles to major logistics companies in the Yangtze River Delta area where the company is going to establish and manage a fuel cell electric commercial vehicle operating company.

Through the MOU, the four parties aim to construct a cost-competitive and highly efficient business model drawing on each company’s respective expertise, supplying more than 3,000 fuel cell electric trucks in the Yangtze River Delta area by 2025.

Hyundai is cooperating closely with its Chinese partners in line with the Chinese government’s fuel cell roadmap, which aims to have 1 million fuel cell electric vehicles by 2030. Hyundai’s goal is to supply over 27,000 FCEV units in China by 2030 as the company plans to further strengthen its position as a leading global FCEV technology brand through this multilateral cooperation in China. 

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All new vehicles sold in Japan by the mid-2030s will be hybrid or electric as the government begins to unveil concrete steps for reaching its goal of becoming carbon neutral by 2050, broadcaster NHK said.

Japan’s economy ministry is targeting “100% electrification" over approximately 15 years, a move that would gradually bump gasoline-engine cars out of the new car market, NHK reported, citing unidentified sources. A spokesperson for the ministry couldn’t immediately confirm the report.

A new vehicle market consisting of only hybrid and electric automobiles would be a significant shift, given they only make up about 29% of Japan’s 5.2 million new motor vehicle registrations, according to Japan’s Automobile Manufacturers Association. While Toyota Motor Corp. popularized hybrid vehicles with the Prius and the country’s automakers are among the world’s top producers in the segment, the domestic market for electrified vehicles has plateaued in recent years. Last year, both plug-in hybrid and EV registrations fell year-on-year, JAMA data show.

With its latest plan, Japan joins a slew of other countries seeking to reduce their carbon emissions by moving away from gasoline vehicles over the coming decades. The UK said last month it would end the sale of new cars that run only on fossil fuels by 2030. France has also pledged to take new gasoline and diesel-powered vehicles off the market by 2040.

Source: Bloomberg

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