Volvo reverses goal to make only EVs in 2030

Published On Sep 4, 2024, 11:21 AM

Volvo has reversed its earlier goal to exclusively produce electric vehicles (EVs) by 2030, now stating it will still offer hybrid models alongside fully electric ones. This decision comes amidst slowing demand for EVs, with many consumers opting for more affordable hybrids and gas-powered vehicles due to concerns over pricing and charging infrastructure. Currently, EVs and hybrids represent 48% of Volvo's lineup, with plans for this to increase to 50-60% by 2025. The company remains committed to a future focused on electric mobility but acknowledges that the transition will not be straightforward and requires flexibility based on market demand.