Volvo plans to sell only electric cars by 2030

Volvo Cars said this morning that it plans to sell only fully electric cars by 2030, building on a prior target of having 50% of sales come from fully electric models by 2025.

Why it matters: It marks the latest target by several automakers to electrify their passenger lineups.

• GM recently set a target of 2035 for selling only electric cars, SUVs and pickups.

The intrigue: Volvo is making a big bet about the direction of the market, emissions policies and consumer preferences.

• Volvo chief executive Håkan Samuelsson told reporters: "I am totally convinced there will [be] no customers who really want to stay with a petrol engine," per Reuters.

Where it stands: "Volvo, based in Sweden and owned by Geely Holding of China, has been ahead of larger rivals in converting to electric power. In 2019, all the models it sold were either hybrids or ran solely on batteries," the New York Times reports.