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No more diesel, electric vehicles are the future, says Volvo CEO

Volvo Cars has delivered a hard blow to the diesel industry by announcing that they will stop developing any new generation diesel engines and will be turning to electric vehicles instead.



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Stricter regulations on nitrogen oxide emissions are becoming too much for the diesel car business to make sense, said Volvo´s Chief Executive Hakan Samuelsson last Wednesday.

Instead of continuing to invest in a market that is bound to suffer stricter regulations, the Swedish multinational will start to focus on electric vehicles with their first EV expected to be launched in 2019.

Samuelsson also praised Tesla´s development of the EV international market. “We have to recognize that Tesla has managed to offer such a car for which people are lining up. In this area, there should also be space for us, with high quality and attractive design,” he told Germany's Frankfurter Allgemeine Zeitung

In a later email to Reuters, the company´s Chief Executive took a step back from his earlier comments and reassured Volvo´s commitment to diesel and gasoline.

"We have just launched a brand new generation of petrol and diesel engines, highlighting our commitment to this technology. As a result, a decision on the development of a new generation of diesel engines is not required," he said.

The Volvo EVs are expected to cost something in the range of $35,000 to $40,000 when they come out in 2019. 

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