Volvo will cease the production of all remaining diesel models by the beginning of 2024 as it fully pivots towards electric vehicles, marking a significant step in the automotive industry.
“In a few months, the last car with a diesel engine will be produced, making Volvo one of the first automobile manufacturers to take this step,” states the announcement from the Swedish company.
Volvo, majorly owned by China’s Geely, has committed to producing exclusively electric vehicles by 2030.
In line with this, the company notes that in August, 33% of sales were attributed to fully electric or plug-in hybrid models.
Diesel model sales have sharply declined in Europe, and car manufacturers are progressively reducing the number of diesel models available in their line-ups.
Diesel vehicles accounted for more than 50% of new car sales in Europe in 2015, but as of July this year, they held only around a 14% market share.