Volvo to ditch diesel early in 2024 as YoY EV sales double for August 2023

Volvo's electric vehicle portfolio has been expanding steadily, with the most recent addition to the line-up coming in the form of the EX30 compact SUV. With the goal of switching to a fully-electric line-up, Volvo aims to cease production of all diesel engines much sooner than expected, according to Reuters. 

In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step — Volvo statement to Reuters

In August 2023, Volvo's BEV sales increased by 167% year-over-year. Perhaps the company's recent success in the electric market has emboldened it to accelerate its plans rather than staying the course with traditional ICE vehicles. It's currently unclear whether Volvo will ditch petrol-powered vehicles sooner than the expected 2030 date, too, but it would not be surprising, given the success of Volvo's EX range.

Despite Europe generally being seen as an EV adoption leader, Volvo's electric car line-up has reportedly seen its biggest growth in 2023 from the US market, registering a 317% YoY increase in BEV sales for the month of August 2023. Volvo can likely expect another bump in sales after the hatchback-sized EX30 compact SUV goes on sale in full swing in 2024, especially if it manages to reach its US$34,950 (~€36,000 in Europe) pricetag.

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