Geely Automobile Holdings, the Chinese carmaker whose parent owns the Swedish brand Volvo, has vowed to have 90% of its vehicles powered by hybrid engines by 2020, while trying to keep its distance from the proliferating all-electric car market. “All of our current assembly lines are designed to produce cars that are hybrid, but we don’t think all-electric is the way to be,” Chief Executive Gui Shengyue, said. Based in the Zhejiang provincial capital of Hangzhou, Geely will launch its first hybrid vehicle in the fourth quarter of this year, he added. Geely also declared a sales war against Volkswagen, General Motors, Toyota and other Western brands that have long-dominated the Chinese car market through their joint-ventures. “Foreign brands are declining in China, and the future of the country’s domestic car market lies in the hands of indigenous players that offer better value for money,” Gui said. Geely, founded by Zhejiang native Li Shufu in 1986, is China’s first non-state-owned car manufacturer. Last year, the company sold 766,000 vehicles, a 50% increase from a year earlier and its net income for 2016 is expected to more than double from CNY2.26 billion in 2015, the South China Morning Post reports. Last month Geely announced 2017 sales targets of 1 million vehicles, a 34% increase on last year, though Gui believes the final figure should be well beyond that.