Volvo has announced that it will only sell electric cars by 2030, phasing out any vehicle in its global portfolio with an internal combustion engine, including hybrids.

Its decision builds on the expectation that legislation – as well as a rapid expansion of accessible, high-quality charging infrastructure – will accelerate consumer acceptance of fully electric cars.

Chief executive, Håkan Samuelsson, 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.”