Volvo Cars to stop developing new diesel engines: CEO

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"We have just launched a brand new generation of petrol and diesel engines, highlighting our commitment to this technology", said Samuelsson.

In an interview with German's Frankfurter Allgemeine Zeitung, Samuelsson said that as of now, the company has no plans to work further on any new generation diesel engines. "As a result, a decision on the development of a new generation of diesel engines is not required", he said.

The Volvo boss stated that his company will keep developing current diesel-powered models introduced in 2013 in order for them to meet future emissions standards, although this will likely stop around the year 2023. That's down to anticipated high costs for making diesels compliant with upcoming emissions standards.

Volvo will invest in the electric and hybrid cars, with its first pure electric model due on the market in 2019.

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As for their push towards electric vehicles (EV), Volvo is now making platforms for EVs and have developed some of their current models to accommodate plug-in hybrid tech.The Swedish automaker is now using a twin-engine set-up, as seen in the XC90 T8 PHEV, S90 T8 PHEV and V90 T8 PHEV.

Samuelsson further added, "We have to recognise that Tesla has managed to offer such a vehicle for which people are lining up". "In this area, there should also be space for us, with high quality and attractive design". In one of his previous statements, he said that tighter emissions regulations will eventually inflate the price of diesel cars to the point where they will be at par with plug-in hybrid cars and the latter would then become an attractive alternative.

While Europe is still very much a diesel vehicle market - diesel cars make up over 50 percent of the continent's passenger fleet - impending regulations and the growing popularity of electric cars could bring about diesel's demise earlier than expected.

"Volvo Cars, like all auto makers, is considering how diesel engines will be used in future".

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