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Et tu, Volvo?INTL

Et tu, Volvo?

It looks like Volvo finally succumbed under peer-pressure and decided to join the sustainability movement.

The Chinese-owned automaker announced it is going to become fully electric by 2030 and that all sales of its electric models are going to move online. Volvo (VOLV-B) is also committing to remove all cars with internal combustion engines, which includes hybrids, from its portfolio lineup by the set deadline.

The automotive giant’s first all-electric car was unveiled last year as the race to the electric vehicle market continues at full speed (although we all know who is ahead… cough, cough, Tesla).

why it matters
Volvo is only the latest in a string of automakers to commit to electric-powered mobility, cementing that there is no future for fossil fuels when it comes to transportation. This year alone, Jaguar announced it would turn fully electric by 2025, whilst Ford and Kia, are also investing hard in their shift to electric.