Volvo has ditched its target of only having electric vehicles on sale by 2030, Reuters has reported. The Swedish brand noted in a statement that by 2030, it was targeting 90-100 percent of cars sold to be fully electric or plug in hybrid models, whereas 10 percent would be so called mild hybrids.
- Volvo latest car brand to revise EV sales targets
- Plug-in hybrids will be vital for Volvo
Major manufacturers have been seen subdued demand for EVs due to a lack of affordable models and the slow rollout charging infrastructure. Carmakers have also been preparing themselves for the effects of European tariffs on made-in-China EVs, the newswire noted.
Volvo said in a separate statement that plug-in hybrids would be a vital part of its future growth. The recently revealed XC90 facelift gets PHEV and mild-hybrid versions, and the company says that the first customers will receive the SUV by the end of the year in international markets.
The company sells a mix of all-electric and hybrid cars, and had until now remained steadfastly committed to its plans to only sell EVs by 2030, even as its rivals began scaling back their plans. Some of Volvo’s flagship all-electric models are the EX90 and the EX30; both are SUVs.
Growing demand for hybrid cars has prompted a strategic shift across the industry, which had initially aimed to phase out hybrids in favor of fully EVs. The brand, which is majority-owned by Geely, said it was responding to changing market conditions and customer demands.
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.