Volvo once promised to sell nothing but electric cars by 2030. The brand may now soften that target. It’s one of a growing list of automakers relaxing their plans to go battery-only.
Industry publication Automotive News reports, “Faced with slumping EV sales in key markets such as China and the U.S., Volvo’s leadership could be reconsidering going all-in on battery power.”
During a recent call, CEO Jim Rowan told investors the company sees its hybrids and plug-in hybrids as “a solid bridge for our customers that are not ready to move to full electrification.”
Volvo is one of several companies to soften EV-only targets in recent months. Cadillac loosened its own goal in May. Ford never set a public deadline to become an all-EV brand, but the company delayed several new EVs recently. A recent report from Automotive News found 11 automakers, from high-end marques like Bentley to mainstream brands like Honda, delaying some EV projects.
New tariffs on Chinese-made cars complicate Volvo’s situation. The company recently delayed the U.S. launch of its new EX30 electric SUV in order to move production outside China.
EV sales are growing in the U.S. Americans bought a record number of EVs in the second quarter. However, they may not be growing fast enough to meet aggressive 2030 sales goals.
A Cox Automotive survey found that more than half of today’s EV skeptics expect to drop their objections by 2029, with 80% open to buying an EV by 2034.
