FIRST AIRED: July 5, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> Volvo is going all in on clean cars. The Swedish firm say all new models after 2019 will be electric or hybrids. That makes it the first big automaker to set a date for phasing out traditional engines. With electric vehicles sales just still a small fraction of the market, that might seem a risk.
00:00:21
But Reuters' Nicholas Pollard in Stockholm says it is a calculated gamble.>> Volvo has traditionally been a pioneer, and at the cutting edge, in terms of safety, which it's very well-known for. And now it's clear what they're trying to do is to broaden out the appeal in terms of technology and get defined by something beyond simply safety.
00:00:45
>> Here is one reason for the Volvo move. Eon Musk's Tesla brand enjoying a sales boom. Its new Model 3 going into full production this week having already wrapped up over 300,000 orders. The company credited with making electric cars not only credible but desirable. Volvo wants in on the action.
00:01:08
>> Under Geely ownership, Volvo has been moving up market. Again, becoming more of a luxury car, that can really take on the rivals such as Daimler's Mercedes Benz and BMW. So what they're doing now, is adding a technological trend that is really prevalent in the car industry, which is electrification.
00:01:31
>> Volvo will continue to sell petrol and diesel cars developed before 2019. But there will be no new investment in traditional engines. Another sign perhaps that the era of the gas gelsla is coming to an end.