Goodbye gas: Volvo to make only electric vehicles by 2030

Tuesday, March 2, 2021 | Matt Ott, AP Business Writer


In this Feb. 6, 2020 file photo a Volvo car is parked behind the Volvo logo in the lobby of the company's corporate headquarters, in Brussels. Volvo says it will make only electric vehicles by 2030. But for those who want one, they will have to buy it online. The Swedish automaker said Tuesday, March 2, 2021, that it is phasing out the production of all cars with internal combustion engines — including hybrids. (AP Photo/Virginia Mayo, File)

Volvo says it will make only electric vehicles by 2030. But if you want one, you'll have to buy it online.

The Swedish automaker said Tuesday that it is phasing out the production of all cars with internal combustion engines — including hybrids.

“There is no long-term future for cars with an internal combustion engine,” said Henrik Green, Volvo's chief technology officer.

Volvo’s announcement follows General Motors’ pledge earlier this year to make only battery-powered vehicles by 2035.

Volvo also said that, while its all-electric vehicles will be sold exclusively online, dealerships will “remain a crucial part of the customer experience and will continue to be responsible for a variety of important services such as selling, preparing, delivering and servicing cars.”

As part of the announcement Tuesday, the Swedish automaker will unveil its second fully electric car, a follow-up to last year's XC40 Recharge, a compact SUV. Volvo said its goal is to have half of its global sales to be fully electric cars by 2025, with the remaining half made up of hybrids.

Automakers around the world are ramping up production of electric vehicles as charging technology improves and governments impose stricter pollution regulations.

“We are firmly committed to becoming an electric-only car maker,” Green said. “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.”

Despite the rising number of EVs available in the U.S., fully electric vehicles accounted for less than 2% of new vehicle sales last year. Americans continue to spend record amounts on gas-powered trucks and SUVs.

About 2.5 million electric vehicles were sold worldwide last year and industry analyst IHS Markit forecasts that to increase by 70% in 2021.

Volvo says it sold 661,713 cars in about 100 countries cars worldwide in 2020. According to Autodata Corp., 107,626 of those vehicles were sold in the U.S.

Founded in 1927, Volvo Cars has been owned by China’s Zhejiang Geely Holding Group since 2010.



7 Sports Betting Stocks That Will Shine Beyond March Madness

One of the many consequences of the novel coronavirus was the shutdown of live sports. For sports-minded individuals, one of the events that were missed the most was the NCAA Basketball Tournament affectionately known as March Madness.

But in addition to missing the entertainment that sports provide, cities and states realized, if they didn’t already, that sports are an economic necessity.

Live sports may also be a key to their post-pandemic future. But this goes beyond hotels and restaurants.

Sports betting has become big business. Currently, 25 states and the District of Columbia have legalized sports betting either by statute or by ballot initiative. That list is likely to grow. Many states face budget deficits and want to legalize sports betting for the revenue that it could receive.

And this is about more than allowing gamblers to place bets via a sportsbook in a casino. The real driver for this is mobile sports betting. According to the American Gaming Association, over 47 million people are expected to place bets during the NCAA basketball tournament, with approximately one-third of those bets (17.8 million) being placed online.

To help you take advantage of this still-emerging trend, we’ve put together this special presentation. Here we’ll highlight seven sports betting stocks that should generate significant revenue during March Madness and beyond.

View the "7 Sports Betting Stocks That Will Shine Beyond March Madness".


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
General Motors (GM)2.2$59.66-0.8%N/A26.75Buy$60.17
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