Volvo's clarified drivetrain strategy comes as the FT also reported that its Chinese owner, Geely, was planning an IPO of the brand. In fact, even by 2025 the automaker expects half its sales to still be cars fitted with gasoline engines, with the other half to be pure electrics.
Instead, they will be available as either a mild petrol hybrid, plug-in petrol hybrid or battery electric vehicle.
Volvo's new plant in Charleston, South Carolina, isn't quite up and humming yet, but the company's next-generation S60 sedan, which is scheduled to be built there, will go without a diesel engine option.
"We will phase out cars with only an internal combustion engine, with petrol hybrid versions as a transitional option as we move towards full electrification".
The S60 is set to be revealed next month and production for the saloon is set to start this autumn at Volvo Car's SC plant, which will be the only site to build the model.
The S60, which is based on the same SPA chassis technology as the V60 and the larger S90, V90 and XC90, will be launched with a range of four-cylinder Drive-E petrol engines and a plug-in hybrid edition.
The automaker says the vehicle will feature pure gasoline and two plug-in hybrid options at launch, with mild hybrid versions to follow in 2019. A mild hybrid option will launch next year.
In August a year ago the Geely-owned Swedish auto manufacturer publicised its target of selling one million electrified vehicles, stating that all of its new products will include an element of EV technology from 2019. Interestingly, the plant will be the sole hub for the S60, meaning US -built S60s will be sold worldwide.