Volvo scraps 2030 all-EV goal, hybrids in
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The news: Volvo Cars scrapped its goal to sell only electric vehicles (EVs) by 2030, citing a slowdown in global EV demand due to concerns about costs and charging infrastructure.
The numbers: The Swedish automaker, majority-owned by China's Geely, now plans for plug-in hybrids and battery-only vehicles to make up 90-100% of sales by 2030, with mild hybrids accounting for up to 10%.
The context: Concerns over EV costs and infrastructure have slowed demand, particularly in Europe, as countries like Germany and Sweden have rolled back subsidies that initially boosted sales.
The wider automotive industry is also grappling with European tariffs on Chinese-made EVs, affecting Volvo since many of its EVs are manufactured there. The tariffs, supply chain issues, and lower demand have prompted automakers to rethink their fully electric goals.
What they said: “It is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption,” CEO Jim Rowan said. “We are pragmatic and flexible… (and) we are resolute in our belief that our future is electric.”
