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Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

Volvo To Pull Plug On Gas-Only Cars In 2019

Volvo

Swedish car manufacturer Volvo announced on Wednesday that its 2019 models would either be powered by fully electric or hybrid engines, steering the company to a total abandonment of the internal combustion engine in the coming years.

The company will continue to produce its older models with traditional engines, but its future line-ups would include a range of climate-friendly vehicles. The move makes Volvo the first major car company to announce a date for the end of combustion engine-only design.

“This is about the customer,” Håkan Samuelsson, president and CEO of Volvo said in a statement. “People increasingly demand electrified cars and we want to respond to our customers’ current and future needs. You can now pick and choose whichever electrified Volvo you wish.”

Between 2019 and 2021, the company will launch five fully electric cars – three of which will be Volvos and two others will be high performance cars from its Polestar wing. The statement provided no additional details on the upcoming vehicles, which will compete directly with Tesla’s existing models.

Automakers have been key supporters of the anti-climate change movement in recent years, with several companies releasing statements condemning President Donald Trump’s decision to withdraw the U.S. from the Paris climate accord.

“We believe climate change is real, and remain deeply committed to reducing greenhouse gas emissions in our vehicles and our facilities,” Ford Motor Co said. “Our commitment to sustainability is why we’re investing so heavily in electrification and adding 13 new electrified vehicles to our lineup.”

Tesla CEO Elon Musk had been attending economic advisory meetings with Trump and other executives in the weeks leading up to the announcement detrimental to the Paris agreement, but decided to leave the panel after hearing about Trump’s decision.

By Zainab Calcuttawala for Oilprice.com

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  • TM on July 06 2017 said:
    In 2013 Volvo had 3.9 % market share in America's Luxury Auto Market. Not bad. The point is the trend is clear and unfortunately it doesn't look good for oil, even if it won't happen overnight...Denying this is just wishful thinking, but if it makes you happy, no problem with that.
  • Dan on July 05 2017 said:
    They have a .00001 market share?

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