Volvo has announced its commitment to become a fully electric car company by 2030.

The Swedish firm intends to only sell fully electric cars by that point, phasing out any of its vehicles powered by combustion engines – including hybrids.

What’s more, its new range of electric cars will all be available online only. The firm will be ‘investing heavily’ in online sales platforms, though has pledged a commitment to its dealers who, it says, are still responsible for a variety of key services such as ‘selling, preparing, delivering and servicing cars’.

Håkan Samuelsson, chief executive, said: “To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future – electric and online.

“We are fully focused on becoming a leader in the fast-growing premium electric segment.”

The announcement forms part of Volvo’s climate plan which looks to reduce the life cycle carbon footprint of its cars. It has already launched its first electric vehicle – the XC40 Recharge – while a second model was revealed on March 2.

Volvo is aiming for 50% of its global sales to consist of fully electric cars by 2025, with the remaining made up of hybrids. By 2030, every vehicle it sells will be fully electric.

Henrik Green, chief technology officer, added: “There is no long-term future for cars with an internal combustion engine.

“We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030. It will allow us to meet the expectations of our customers and be a part of the solution when it comes to fighting climate change.”