Sweden-based automaker Volvo Car Group announced today that it will convert to a fully electric-car brand by 2030. The automaker, owned by Chinese firm Geely Automobile Holdings (OTC: GELYY), will accelerate production of its Recharge line that currently has five plug-in hybrid models and plans for a full electric powertrain. The automaker is joining the ranks of other brands including General Motors (NYSE: GM) and Ford (NYSE: F) in making the conversion away from fossil fuels. GM has said it will exclusively offer electric vehicles by 2035, and Ford plans to transition gradually over the next decade. Beginning in 2024, Ford says, its entire commercial lineup will be "zero-emissions capable, all-electric, or plug-in hybrid." A Volvo hybrid gets recharged. Image source: Volvo Car Group. Volvo said sales of vehicles in its Recharge lineup more than doubled in the second half of 2020, and that those models encompassed 30% of total sales in Europe. The company's announcement to go fully electric includes the commitment to phase out all internal combustion vehicles, including hybrids, by 2030. It is part of a plan to be a "climate neutral" company by 2040. Volvo will also focus on digital sales channels, with all of its fully electric models available for online purchase only. It expects 50% of global sales to be all-electric by 2025, on its way to the 2030 goal. "There is no long-term future for cars with an internal combustion engine," Henrik Green, Volvo's chief technology officer, said in a statement. 10 stocks we like better than FordWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ford wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source