Volvo Cars has said it will not include a diesel engine option on its upcoming S60 saloon, as the Chinese-owned carmaker bets on petrol hybrids to bridge the transition to electric vehicles (EVs).
The company said all models launched from 2019 onwards will be available as a petrol hybrid, plug-in petrol hybrid or a battery-powered vehicle. Last month, it set out a 2025 target for fully-electric cars to account for 50% of its global sales.
Chief executive Håkan Samuelsson said: “Our future is electric and we will no longer develop a new generation of diesel engine.”
“We will phase out cars with only an internal combustion engine, with petrol hybrid versions as a transitional option as we move towards full electrification. The new S60 represents the next step in that commitment.”
Volvo Cars parent Geely has been reported to be in the advanced stage of an independent stock float for the carmaker. According to sources within Geely, the group is seeking a valuation of $30bn (£24bn) or more.