Volvo reverses goal to make only EVs in 2030

foxbusiness.com:

'Barron's Roundtable' panelists discuss why some automakers are scaling back plans for electric vehicle rollouts.

Volvo on Wednesday announced that it is dropping its goal of making only electric vehicles by 2030, saying it now expects it will still be offering some hybrid models as part of its lineup at that point.

The Swedish company, which has China's Geely as its largest shareholder, and other automakers have seen slowing demand for EVs as price-conscious car buyers turn to hybrids and gas-powered vehicles over affordability concerns as well as access to charging stations. 

Volvo and other EV makers are also bracing for the impact of European tariffs on electric cars made in China, a move that follows similar steps in the U.S.

In a statement, the company said it is aiming for 90% to 100% of its 2030 global sales volume to consist of fully electric EVs and plug-in hybrids, with the remaining zero to 10% of its lineup allowing «for a limited number of mild hybrid models to be sold, if needed.»

HARRIS CAMPAIGN SAYS DEM NOMINEE 'DOES NOT SUPPORT' ELECTRIC VEHICLE MANDATE IN ATTEMPT TO FLIP THE SCRIPT

Volvo pared back its goal of having all its vehicles be electric by 2030. (Beata Zawrzel/NurPhoto via Getty Images / Getty Images)

The reversal of plans to be fully electric by 2030 comes as the company expects the percentage of its electrified lineup — which includes EVs and hybrids — to be between 50% and 60% by 2025. Its share of fully electric vehicles was 26% in the second quarter of 2024, while EVs and hybrids combined amounted to 48% of its electric lineup.

«Volvo Cars remains committed to its long-term ambition of full electrification, and the company's long-term investment plan and product strategy remains geared