Volvo Cars Amends Electric-Only Ambition

Volvo Cars announced that it will no longer aim to sell only fully electric vehicles by 2030. Instead, the Swedish automaker will include plug-in hybrids and some hybrid engine cars in its product lineup due to varying customer and market adoption speeds.

Swedish automaker Volvo Cars announced on Wednesday that it has revised its goal of selling exclusively fully electric cars by 2030. Instead, the company will diversify its lineup to include plug-in hybrids and some hybrid engine cars.

"We are resolute in our belief that our future is electric," said CEO Jim Rowan in a statement. "However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption."

This decision reflects the complexity of market demands and the challenges in upscaling electric vehicle adoption globally.

(With inputs from agencies.)