Volvo Cars Revises 2030 Electric Car Goals Amid Market Challenges

Volvo Cars has revised its 2030 goal to go fully electric, now expecting to still offer hybrid models. Challenges like slow EV demand, insufficient charging infrastructure, and European tariffs on Chinese-made EVs are influencing this shift. The company aims for 90-100% of car sales to be electric or plug-in hybrid by 2030.

Swedish automaker Volvo Cars has abandoned its 2030 target to go fully electric, announcing plans to continue offering hybrid models.

Major automakers face declining EV demand due to a lack of affordable models and slow charging infrastructure rollout. Volvo Cars is also preparing for the impacts of European tariffs on Chinese-made EVs.

Volvo Cars' shares dropped 7.5% following the announcement. The company now targets 90% to 100% of car sales to be fully electric or plug-in hybrid by 2030, with up to 10% mild hybrids. CEO Jim Rowan highlighted the non-linear transition to electrification, citing varying customer and market speeds.

(With inputs from agencies.)