Volvo Abandons 2030 EV Target As Market Woes Continue
Owen Klinsky
Contributor
September 04, 2024
Swedish automaker Volvo Cars said on Wednesday that it is scrapping its goal of going fully electric by 2030 as the electric vehicle (EV) market continues to struggle.
The company announced it now aims for between 90% and 100% of its cars to be fully electric or plug-in hybrids by the end of the decade, with the remainder being “mild,” non-plug-in hybrids, a company press release stated. Volvo’s backpedaling comes amid lower-than-expected consumer demand for EVs and a recent industry shift away from electrification. (RELATED:
“While Volvo Cars will retain its position as an industry leader in electrification, it has now decided to adjust its electrification ambitions due to changing market conditions and customer demands,” the company wrote. “The strategic adjustments to its electrification ambitions ensure that Volvo Cars has a flexible plan that meets customer preferences and enables value creation as a business.”
https://dailycaller.com/2024/09/04/major-automaker-abandons-2030-ev-target-market/
