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Volvo Signs On to COP26 Pledge, Seeing Risk EVs Will Doom Rivals
- Ford, GM, Daimler also join declaration; VW, Toyota sit out
- Swedish carmaker’s CEO predicts shakeout for slow converts
Source: Volvo Car AB
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Volvo Car AB, one of just a few automakers that signed on to a pledge to phase out fossil fuel vehicles, predicted a bleak future for competitors that snubbed the COP26 climate summit declaration.
The Swedish carmaker joined General Motors Co., Ford Motor Co., Daimler AG and a handful of other manufacturers in agreeing at the COP26 climate summit to work toward selling only zero-emission vehicles globally by 2040. In developed markets, the companies plan to phase out combustion engine cars five years sooner.