March 2 (UPI) -- Volvo announced on Tuesday that all of its new vehicles will be fully electric and sold exclusively online by the end of the decade.
Volvo said its plan will phase out all vehicles with internal combustion engines, including hybrids, by 2030. The automaker said the goal is for electric vehicles to comprise 50% of its global sales and the other half hybrids by 2025.
"We are fully focused on becoming a leader in the fast-growing premium electric car market," Volvo CEO Hakan Samuelsson said in a statement.
"There is no long-term future for cars with an internal combustion engine," added Volvo Chief Technology Officer Henrik Green. "[This] will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change."
The XC40 Recharge, Volvo's first full electric car, debuted last year in markets worldwide.
Also Tuesday, Volvo debuted its second fully electric car, the C40 Recharge.
"Instead of investing in a shrinking business, we choose to invest in the future -- electric and online," Samuelsson added.
Last month, Jaguar and Land Rover announced plans to transition to all electric vehicles by 2025.