Volvo is giving itself another decade before it commits to selling only EVs

Volvo is pushing back its deadline to waste only electrical vehicles, now saying it will return astatine slightest until 2040 earlier it reaches that goal.

Three years ago, nan Swedish automaker made a commitment to only waste EVs by 2030. Since then, EV income person exploded, but a caller slowdown successful maturation is starring galore manufacturers to reconsider their pledges.

Volvo blamed nan readjustment connected a number of factors, including “slower than expected rollout of charging infrastructure, withdrawal of authorities incentives successful immoderate markets and further uncertainties created by caller tariffs connected EVs successful various markets.”

Volvo is now among them, arguing that it will beryllium a operation of hybrid and axenic battery-electric vehicles that thief it scope its goal. The institution says that it intends to person 90–100 percent of its income comprise EVs and plug-in hybrid vehicles by 2030. It says nan remaining magnitude will comprise of mild hybrid vehicles that usage a mini state motor to powerfulness nan vehicle’s battery.

By 2025, Volvo says it expects nan percent of “electrified products” to travel successful betwixt 50 and 60 percent. The institution presently sells 5 afloat electrical cars, including nan XC40 Recharge, C40 Recharge, EX30, and EX90. Some of nan company’s models person been delayed by software problems and trade disputes. Volvo is owned by Geely, which is 1 of China’s apical car manufacturers.

Volvo said its stock of afloat electrical cars stood astatine 26 percent during nan 2nd 4th of 2024, which it claims is “the highest stock among each its premium peers.” Its electrified stock — EVs and plug-in hybrids — accounted for 48 percent.

Volvo isn’t unsocial successful rethinking its committedness to spell all-electric. Ford, Mercedes-Benz, General Motors, and Jaguar Land Rover person each scaled backmost plans for EV production, delayed facet construction, aliases canceled definite models. Tesla, which still controls half of nan marketplace successful nan US, said astatine nan commencement of nan twelvemonth that it was preparing for a slower twelvemonth of growth.