Volvo won’t go fully electric by 2030
Did you know that Volvo is among the earliest automotive manufacturers in the world to announce a strategy to offer a full-time EV portfolio by 2030?
In fact, by the end of May 2024, its CEO, Jim Rowan, explained that the target could still be achievable, and he also believes that Volvo can end the sales of internal combustion engine vehicles within the next five years.
However, in an event held with investors in late July, the CEO finally admitted that “it will take time to connect various parts of the world to achieve full electrification.”
In other words, the initial goal of becoming a pure EV brand by 2030 may be difficult to achieve.
Considering the latest developments, Volvo has decided to realign its sales targets, aiming for 90-100 percent of sales to consist of EVs and PHEVs by the end of this decade.
Meanwhile, non-plug-in hybrid vehicles will continue to be sold for a longer period than initially expected.
The Swedish manufacturer believes that several factors contribute to the slowing transition to EV usage, such as slow infrastructure development, reduced EV sales incentives, and the introduction of new tariffs for EVs in some markets.
In addition to Volvo, several other major global manufacturers are also reconsidering their aggressive electrification strategies, including Porsche, Mercedes-Benz, Bentley, and Ford.
