- Volvo Cars has pulled back on its goal for 100% of global passenger car sales to be fully electric by 2030, citing ‘changing market conditions and customer demands’.
- Its new goal will be for 90-100% of its global sales to be a mix of plug-in hybrid and fully electric models by 2030, while in the longer term, it still plans to go fully electric.
- The target of reaching net zero greenhouse gas emissions by 2040 remains, however.
Volvo’s electrification strategy tweaked
Under the new strategy, the vast majority of Volvos sold will remain either fully-electric or plug-in hybrid. However, the variable 90-100% goal will give the company leeway to sell a small number of mild hybrid models, if the market conditions call for it. In the recent statement, the manufacturer also reiterated that before the end of the decade, it will offer fully electric models across its entire line-up – allowing it to easily make the switch to solely BEV offerings, but at a date later than the original 2030 target.
The move is not an indication of Volvo completely giving up on EVs, but rather slightly pushing back the goalposts, with the company noting that it remains committed to its long-term ambition of full electrification. The manufacturer has already had success within the pure EV sector, particularly compared to its rivals. Its fully-electric offerings as a percentage of total Volvo Car sales ran at 26% for the second quarter of 2024, and in the UK specifically, that figure was as high as 28.3% for this year. It also continues to expand its BEV lineup, with the recent release of the EX30 and EX90.
Jim Rowan, Chief Executive of Volvo Cars, commented on the change:
“We are resolute in our belief that our future is electric… An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience. However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption. We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability.”
