Volvo has scrapped its target of having only electric vehicles on sale by 2030, Reuters has reported. The Swedish brand said 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 is the latest car brand to scrap EV sales targets
- Plug-in hybrids will be vital for Volvo
Major manufacturers have seen subdued demand for EVs partly due to a lack of affordable models and the slow rollout of 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 growth in the future. The recently revealed XC90 facelift gets both 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.
Growing demand for hybrid cars has prompted a strategic shift across the industry which had initially aimed to phase out hybrids in favour of fully EVs. The brand, which is majority-owned by Geely, said it was responding to changing market conditions and customer demands.
Saptarshi Mondal
Hormazd Sorabjee
Sahil Kukreja
