Swedish automaker Volvo Cars on Wednesday abandoned its near-term goal of selling only electric vehicles, citing a need to be “pragmatic and flexible” amid changing market conditions and cooling demand.
Volvo Cars, which is owned by China’s Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said its long-term aim remains to become a fully electric carmaker.
However, the company announced that it now aims for between 90% and 100% of its cars sold to be fully electric or plug-in hybrid models by 2030, while up to 10% will allow for a limited number of mild hybrid models.
The target replaces a 2021 pledge for Volvo Cars’ lineup to be fully electric by the end of the decade.
The move means Volvo Cars follows in the footsteps of other industry players in scaling back its EV ambitions. Germany-based carmakers Mercedes-Benz Group and Volkswagenhave both previously announced a …