Volvo has become the latest company to embrace an all-electric lineup, promising to achieve that goal by 2030.

One company after another has committed to phasing out internal combustion engines. Subaru has committed to an all-electric lineup by the mid-2030s, Bentley by 2030, GM by 2035 for light-duty vehicles and Ford by 2030 for the EU market.

Volvo has now committed to an all-electric lineup by 2030 and plans to phase out any remaining internal combustion models by then, including any remaining hybrids. The company is positioning its decision as an investment in the future, rather than hanging on to a dying business.

“To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future – electric and online,” said Håkan Samuelsson, chief executive. “We are fully focused on becoming a leader in the fast-growing premium electric segment.”

As a short-term goal, the company plans to transition to an electric and hybrid lineup by 2025, with its global sales split between the two categories.

Volvo’s goal is one of the more ambitious among auto manufacturers, and will likely put additional pressure on its larger rivals.