Volvo drops 100% EV goal by 2030, adjusts GHG reduction target
"The transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption."
European car manufacturer Volvo says it might still sell a small amount of hybrids by the end of the decade due to market uncertainties – including recent tariffs.
Volvo, which posted record-high revenue of US$38.9 billion in 2023, was previously aiming to sell 100% fully electric vehicles (EVs) by 2030. But slower-than-expected charging infrastructure developments, the withdrawal of government incentives in certain markets and recent tariffs on EVs have made it reconsider its ability to meet the target.
