Volvo Cars is scaling back its plan to go fully electric by 2030, citing slower-than-expected adoption and supply chain challenges, joining other automakers in rethinking the rapid shift to EVs.
Sweden-based Volvo Cars has backtracked on its ambitious plan to exclusively sell electric vehicles (EVs) by 2030, executives announced on Wednesday.
Volvo CEO Jim Rowan acknowledged the challenges in the transition to electrification, stating, "It is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption."
Originally committed to producing only EVs by the end of the decade, Volvo—owned by China’s Geely Holding—has now adjusted its target to 90-100% of its vehicles being either EVs or hybrids by 2030. Despite this shift, Rowan emphasized that electric cars offer a superior driving experience and greater technological potential, affirming Volvo’s commitment to sustainability while adopting a more flexible approach.
Volvo is not alone in recalibrating its EV goals. Mercedes-Benz made a similar move in May, citing weaker-than-expected consumer demand for electric vehicles. The slow pace of adoption and China’s dominance in the EV supply chain are leading automakers to rethink their timelines for an all-electric future.
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