Volvo said on Wednesday it would instead allow plug-in vehicles as well as some hybrid engine cars as part of its lineup by 2030
Swedish automaker Volvo Cars said on Wednesday it had abandoned is ambition to sell only fully electric cars by 2030, and would instead allow plug-in vehicles as well as some hybrid engine cars as part of its lineup at that time.
Major automakers have seen slowing demand for EVs partly due to a lack of affordable models and the slow rollout of charging points, and Volvo Cars is also bracing for the effects of European tariffs on electric cars made in China. Volvo Cars said in a statement that by 2030 it now aims for between 90 per cent and 100 per cent of cars sold to be fully electric or plug-in hybrid models, while up to 10 per cent would be so-called mild hybrid models if needed.Volvo Cars, which is majority-owned by China’s Geely Holding, said it had lowered the ambition due to changing market conditions and customer demands.
“We are resolute in our belief that our future is electric,” CEO Jim Rowan said. “However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption.”
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