Volvo Confirms It Will End Diesel Engine Production Next Year

• Volvo confirmed that it will cease production of all diesel-powered vehicles by early 2024.

• The announcement comes on the heels of Volvo's commitment last year to eliminate its research and development budget for combustion engines.

• The company has committed to selling only electric cars by 2030, and Volvo aims to be a fully carbon neutral company by 2040.

Automakers continue to move towards electrifying their lineups in small steps and big leaps, with Volvo announcing Tuesday that it will end production of all remaining diesel models by early next year.

In conjunction with Volvo ceasing diesel production, the automaker doubled down on its move towards electrification. Volvo made the decision last year to end development of new combustion engines and no longer spends any R&D budget to do so. Last November, the company sold its stake in Aurobay, a joint venture company that held the carmakers remaining combustion engine assets.