Volvo gives up plan to sell only EVs by 2030
Car company Volvo has announced it has abandoned its target to produce only fully electric cars by 2030, saying it now expects it will also be selling some hybrid vehicles by that date.
It comes as the industry faces a slowdown in demand in some major markets for electric vehicles (EVs) and uncertainty due to the imposition of trade tariffs on EVs made in China.
Volvo, which has traditionally flaunted its environmental credentials, joins other major car makers General Motors and Ford, which have also rowed back on their EV ambitions.
The Swedish company may also sell a small number of so-called mild hybrids, which are more conventional vehicles with limited electrical assistance.
"We are resolute in our belief that our future is electric," said Jim Rowan, chief executive of Volvo, in a statement.
"However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds."
