Hyperdrive
Volvo Car Scales Back EV Target After Demand Falls Short
- Manufacturer drops goal to sell only full EVs by 2030
- Geely-owned company is caught up in trade tensions with China
This article is for subscribers only.
Volvo Car AB abandoned a target to sell only fully electric vehicles by the end of this decade, joining several peers in walking back its EV ambitions due to waning demand.
The Chinese-owned automaker now aims for plug-in hybrid and battery-only models to account for at least 90% of its sales in 2030. The remainder will be mild hybrids that rely mostly on combustion engines, Volvo said Wednesday.