Volvo Announces They Are Getting Rid Of Plan To Only Sell EVs By 2030

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A Volvo electric passenger car is being charged in the parking lot of the Volvo Trucks headquarters in Gothenburg, Sweden, on May 4, 2023. (Photo by SERGEI GAPON/AFP via Getty Images)

OAN Staff James Meyers
10:05 AM – Wednesday, September 4, 2024

Volvo has announced it will be getting rid of its plan to sell only fully electric cars by 2030.

The auto manufacturer announced on Wednesday, that it is now aiming for 90-100% of its global sales to be either pure electric or plug-in hybrid at that point.

The Swedish company said this will “allow for a limited number of mild hybrid models to be sold, if needed.”

The latest move by Volvo comes after Mercedes-Benz and Volkswagen have both previously announced a shift in their respective EV strategies.

“An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience,” Jim Rowan, CEO of Volvo Cars, said on Wednesday in the written 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,” he continued.

“We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability.”

Additionally, shares of Volvo Cars traded over 4% lower on Wednesday.

Meanwhile, Volvo Cars stated that the share of fully electric cars in its line-up stood at 26% during the second quarter of 2024. The Swedish car manufacturer said it’s electrified share, referring to EVs and plug-in hybrids, accounted for 48%.

The company also stated there had been a slower-than-expected rollout of charging infrastructure, a withdrawal of government incentives in some markets and additional uncertainty prompted by recent tariffs on EVs in various markets.

Volvo Cars claimed that these developments show that there continues to be a need “for stronger and more stable government policies” in order to support the transition away from fossil fuels.

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