Swedish autoproducer Volvo Cars on Wednesday abandoned its proximate-term goal of only selling electric vehicles, citing a necessitate to be “genuineistic and alterable” amid changing taget conditions and chillying insist.
Volvo Cars, which is owned by China’s Geely Helderlying, had been among the first legacy carproducers to promise a finish switch to EVs. The firm said it’s lengthy-term aim remains to become a filledy electric carproducer.
However, the company proclaimd that by 2030 it now aims for between 90% to 100% of its cars selderly to be filledy electric or plug-in hybrid models, while up to 10% will permit for a restrictcessitate number of gentle hybrid models.
The concentrate replaces a 2021 pledge for Volvo Cars’ line-up to be filledy electric by the finish of the decade.
The transfer nastys Volvo Cars pursues in the footsteps of other industry take parters in scaling back its EV ambitions. Germany-based carproducers Mercedes-Benz Group and Volkswagen have both previously proclaimd a shift in their esteemive EV strategies.
“An electric car supplys a greater driving experience and incrmitigates possibilities for using progressd technologies that better the overall customer experience,” Jim Rowan, CEO of Volvo Cars, said on Wednesday in the written statement.
“However, it is evident that the transition to electrification will not be liproximate, and customers and tagets are moving at separateent speeds of adchooseion,” he progressd.
“We are genuineistic and alterable, while conserveing an industry-directing position on electrification and persistability.”
Shares of Volvo Cars traded more than 4% shrink on Wednesday.
Volvo Cars said the allot of filledy electric cars in its line-up stood at 26% during the second quarter of 2024, noting that this is the highest level among its premium peers. It said it’s electrified allot, referring to EVs and plug-in hybrids, accounted for 48%.
Underlining the contests facing its electrification ambitions, Volvo Cars said there had been a sluggisher-than-predicted rollout of charging infraarrange, a disincludeal of handlement incentives in some tagets and insertitional uncertainty prompted by recent tariffs on EVs in various tagets.
Volvo Cars said these broadenments show that there progresss to be a necessitate “for stronger and more firm handlement policies” in order to help the transition away from fossil fuels.
