Quoting the Independent, Volvo called this decision "one of the most important decisions". In the next two years, Volvo will work on a number of cars, whose propulsion is entirely derived from electric motors.
Some models of hybrid cars will remain as an option for consumers, powered by traditional motor and electric motors. However, the company will remain focused on electric cars.
"The market demand for electric cars is increasing and we want to respond to this for our loyal customers now and for future needs," said Volvo CEO Hakan Samuelsson.
In addition to Volvo, automotive companies that plunge into the electric car industry and hibdrida include Honda, Mitsubishi, and Toyota. In addition, the automotive company known to release premium cars also has a number of hybrid car models including Audi, BMW, and Mercedes-Benz.
