Volvo car models launched after 2019 will be electric or hybrids.

The Sweden-based company announced today that all Volvo car models launched after 2019 will be electric or hybrids.

While electric and hybrid vehicles are still only a small fraction of new cars sales, they are gaining ground at the premium end of the market, where Volvo operates and where Elon Musk's Tesla Motors has been a pure-play battery carmaker from day one. As technology improves and prices fall, many in the industry expect mass-market adoption to follow.

The company, owned by Zhejiang Geely Holding Group , said five new models set to be launched in 2019 through 2021 — three of them Volvos and two Polestar-branded — would all be fully electric.