Zhejiang Geely Holding Group Co. Ltd.'s subsidiary Volvo Cars announced on Tuesday that it intends to "become a fully electric car company by 2030."

The plans entail a gradual elimination of all cars with an internal combustion engine, "including hybrids" and selling only fully electric cars by the aforementioned year. "The company's transition towards becoming a fully electric car maker is part of its ambitious climate plan, which seeks to consistently reduce the life cycle carbon footprint per car through concrete action... The 2030 ambition represents an acceleration of Volvo Cars' electrification strategy, driven by strong demand for its electrified cars in recent years and a firm conviction that the market for combustion engine cars is a shrinking one," the carmaker said in a statement.

All of the Volvo Cars' fully electric models will be sold online, the company also revealed.