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Volvo to end diesel car production by early 2024
Global Banking & Finance Review®
Company
By Nick Carey
LONDON (Reuters) – Volvo Cars said on Tuesday that it will end production of any remaining diesel models by early 2024 as it heads towards becoming an all-electric carmaker.
“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,” the Swedish company said in a statement.
Majority owned by China’s Geely, Volvo has committed to going fully electric by 2030.
While a majority of the cars Volvo sold in Europe were diesel as recently as 2019, in 2022 they made up just 8.9% of the Swedish carmaker’s sales.
In August 33% of Volvo’s sales were fully-electric or hybrid models. The company did not break out how many of the remaining 67% combustion-engine models were diesel and how many ran on petrol.
Sales of diesel models have declined rapidly in Europe since Volkswagen’s emission-cheating scandal and carmakers have been gradually reducing the number of diesel models available in their model lineups.
Diesel vehicles comprised more than 50% of Europe’s new car sales in 2015, but accounted for just over 14% of sales in July.
(Reporting by Nick Carey, Editing by Louise Heavens)
Diesel car production refers to the manufacturing of vehicles powered by diesel engines, which use diesel fuel for combustion. Diesel engines are known for their fuel efficiency and torque but have faced criticism due to emissions.
An all-electric carmaker is a company that exclusively produces vehicles powered by electric engines, utilizing batteries instead of traditional internal combustion engines. This shift aims to reduce carbon emissions and promote sustainability.
A hybrid model is a vehicle that combines an internal combustion engine with an electric motor, allowing for improved fuel efficiency and reduced emissions compared to traditional gasoline or diesel vehicles.
The Volkswagen emission scandal, which involved the manipulation of diesel engine emissions tests, led to a significant decline in diesel vehicle sales and increased scrutiny on diesel technology and regulations in the automotive industry.
Going fully electric by 2030 signifies a commitment by automotive manufacturers to transition away from fossil fuels, aiming to reduce greenhouse gas emissions and promote cleaner, more sustainable transportation options.
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