Volvo revises electric goals for 2030

Volvo has adjusted its objective of exclusively selling electric cars by 2030, now acknowledging that plug-in hybrids will also be part of its sales. This change responds to the electric vehicle market dynamics and customer demands. According to Reuters, a slowdown in the electric car market is partially due to the lack of affordable models and inadequate charging infrastructure, alongside reduced government incentives. Volvo urges policymakers to more actively support the transition to electrification. Despite these challenges and a slower transition pace, Volvo remains committed to its long-term electrification targets. The company initially aimed for 50% of its 2025 sales to be fully electric, but that goal has been modified to project that a combination of electric and hybrid vehicles will constitute 50-60% of sales by that time.