Volvo Cars to stop developing new diesel engines -CEO

Volvo's Days with Diesel are Numbered: CEO

"From today's perspective, we will not develop any more new-generation diesel engines", said Samuelsson when interviewed by Germany's Frankfurter Allgemeine Zeitung, as reported by Autonews.

Samuelsson said Volvo would continue to improve the current range, which was first introduced in 2013, to meet emissions standards in the future. However, the costs of meeting the higher anti-pollution standards with a new engine will no longer be worth as the current generation engine will not be produced after 2023.

After that, count on seeing more electrified Volvos - starting with the Swedish automaker's first all-electric vehicle, due out in 2019.

Volvo could be set to end development of diesel engine technology for its cars.

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"We have to recognize that Tesla TSLA.O has managed to offer such a auto for which people are lining up".

Samuelsson had earlier said that eventually the higher cost of complying with tighter emissions rules will increase the price of diesel cars to the point where plug-in hybrids will become an attractive alternative. The automaker hopes to debut its first electric vehicle in 2019.

While Europe is still very much a diesel auto 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. Generally, diesel variants cost about 1,300 euros more than similar petrol-powered cars, but more stringent norms could push this up by 300 euros per engine, as carmakers struggle to bring real NOx emissions closer to their much lower test-bench scores.

The scandal over Volkwagen's VOWG_p.DE cheating of USA environmental tests to mask emissions of nitrogen oxides, which can cause or aggravate respiratory disease, means manufacturers are facing intense scrutiny over the true level of pollutants being emitted by their cars.

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