I don't think Volvo sealed ICE's fate, I think they're just a sign of the times. I think in 5 - 7 years electric cars will be major presence on the road, especially if you consider the worldwide automotive fleet.
Electric motors are better suited to powering vehicles, the problem has always been how to store their energy.
= Electric motors make torque in a much more useful range for motive power.
This is true!
= Electric motors are 2 to 3 times more efficient then ICE when considering on-board energy in to energy at the wheels
But considering the real world, they suck. Several hundred miles from a massive battery? No thanks.
= They're lighter and smaller for the amount of power they supply
They just don't go the distance, and talk about refuel time...have fun on that cross-country trip! Gonna get to know the locals rreeeaalllll well along the way!
=They don't require non-fuel consumables/renewables
What do you call a lithium battery? Ever seen a lithium mine?
= They're an order of magnitude simpler than ICE engines with all its valves and injectors and pumps and cams and manifolds.
They are also powered by things that are known to explode like a boss, react violently with water, and are full of chemicals that make a bath in gasoline sound therapeutic.
= They don't require managing the timing of the various combustion and pumping parameters that ICE engines do.
This is true.
= They don't even require transmissions, although I expect we'll see some two speed transmissions on electric cars at some point.
Direct drive, baby! Instant torque. This is what makes them such a fun toy!
=They don't require all the devices that we use to spool ICE engines up to the point where they make useful power before engaging them: friction clutches, fluid clutches, torque converters etc.
=Their maintenance requirements are much lower and they're more reliable.
Not really. TESLA sucks. Worst in the industry I believe. Like, makes Fiat look GOOD.
=They're much more compatible with self-driving systems.
And dying while watching Harry Potter.
There are just a lot of reasons that they're much better for this application.
Once range gets above 300 mi and recharging times down around 20 - 30 min. I think things will start to shift significantly. And I think automobile manufacturers will, for the most part, become proponents of the change.