It looks like Volvo plans on making some serious changes in the near future. In an interview with German’s Frankfurter Allgemeine Zeitung, Chief Executive Hakan Samuelsson said that the company’s latest generation of diesel engines could be its last.

Volvo will instead focus its efforts on electric and hybrid cars and plans on releasing its first EV in 2019. Not much is known about it, but the company did say that it will set you back between $35,000 and $40,000 and should have a range of at least 250 miles.

Samuelsson added that tighter emissions rules in Europe will increase the price of diesel cars quite a bit. Because of this, plug-in hybrids just might become even more appealing to consumers in the near future.

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Update: More details about Volvo’s electric plans surface

April 14, 2017

This is just one of the reasons why Volvo plans on changing its business strategy. Another reason worth mentioning is that the demand for electrified cars is increasing around the world. Samuelsson gave a lot of credit to Tesla for this, saying that it has managed to produce EVs people are lining up for. Volvo believes it can succeed in the EV market and plans on focusing on producing high-quality cars with an attractive design.

It makes a lot of sense for Volvo to start thinking about the future and focus its efforts on electrified vehicles. In Europe, for example, sales of EVs increased by 38 percent in the first quarter of 2017. With more models to choose from, an expanding charging network, and prices that are getting more affordable, it’s no wonder why more and more consumers are opting for electric cars.

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