Volvo is the first mainstream automaker to say ‘Goodbye gas, hello electric.’
The car company announced on Wednesday that it plans to launch only electric or hybrid models from 2019 onward, essentially ditching the internal combustion engine.
Volvo is set to release five fully electric models between 2019 and 2021. It will continue to produce existing gas and diesel models, but plans to completely phase them out around 2024.
“This announcement marks the end of the solely combustion engine–powered car,” Volvo CEO Håkan Samuelsson said in a statement. He says the switch was driven by customer demand and will help the company reach its goal to sell 1 million electric cars by 2025.
While electric cars make up only a small fraction of new cars bought — mainly due to their historically high prices — Reuters reports that many in the automotive industry expect mass-market electric cars to become the new norm. Surprise, surprise: Other car companies are revving up to launch their own electric cars as well.
Correction: An earlier version of this story stated that Volvo plans to introduce only electric models after 2019. It will launch hybrid models as well.