Volvo to End Diesel Car Production by Early 2024

Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo Acquire Licensing Rights

"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," the Swedish company said in a statement.

Majority owned by China's Geely (0175.HK), Volvo has committed to going fully electric by 2030.

While a majority of the cars Volvo sold in Europe were diesel as recently as 2019, in 2022 they made up just 8.9% of the Swedish carmaker's sales.

In August 33% of Volvo's sales were fully-electric or hybrid models. The company did not break out how many of the remaining 67% combustion-engine models were diesel and how many ran on petrol.

Sales of diesel models have declined rapidly in Europe since Volkswagen's (VOWG_p.DE) emission-cheating scandal and carmakers have been gradually reducing the number of diesel models available in their model lineups.

Diesel vehicles comprised more than 50% of Europe's new car sales in 2015, but accounted for just over 14% of sales in July.