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Here's how Volvo plans to stop Tesla

The Street logo The Street 7/5/2017 James Skinner

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Volvo said Wednesday that all of its cars will carry an electric engine from 2019, as it embraces of the new technology in the face of industrywide adoption.

The Swedish car maker will roll out a mix of all-electric, hybrid and mild hybrid cars from 2019 and will no longer offer vehicles that carry just a traditional internal combustion engine.

"This announcement marks the end of the solely combustion engine-powered car," said CEO Hakan Samuelsson. "Volvo Cars has stated that it plans to have sold a total of 1 million electrified cars by 2025. When we said it we meant it. This is how we are going to do it."

The company is planning to launch five fully electric cars between the years 2019 and 2021, complimented by a broader range of hybrids, giving the Chinese-owned car maker one of the broadest ranges of electric vehicles on the market.

Tesla on Monday, July 3, announced that its cheapest car, the Model 3, will be on the roads by July 28, ramping up production by the end of this year.

Volvo Car was bought from Ford , by China's Geely Holding Corp, for $1.8 billion in August 2010. The Wednesday announcement came as the automotive industry stands knee-deep in the most high-profile technological arms race seen by the industry since the 1950s.

Automakers across the globe have spent recent years plowing money into battery and fuel cell development, as well as other technologies related to electrification, and many are expected to begin mass production over a similar time frame to Volvo.

BMW is expected to launch an electric model of the 3 Series later this year, while Citreon and Kia will all also be releasing electric cars over the coming months.

Daimler , which owns the world's largest luxury car brand Mercedes-Benz, has 10 models on the cards for the years up until 2022 and Audi, which is owned by Volkswagen , has pledged 30 different electric car models by 2025.

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