Volvo updates 2030 EV target, more focus on Hybrid as of now

Volvo Cars modified its ambitious target of becoming entirely electrified by 2030. In a statement issued on Wednesday, the firm declared a shift in strategy, witnessing the need to provide a mix of electric and hybrid vehicles shortly.

This decision further illustrates the general trend now seen in the automotive industry. 

Several key carmakers faced various issues in their effort to fully electrify their fleet with slower than anticipated EV adoption rates. Indeed, expensive upfront costs for EVs, limited charging infrastructure, and driving range concerns have all been contributors in this respect.

Volvo Cars, which is majority-owned by China's Geely, underlines that its updated objective calls for 90-100% of its sales to be completely electric or plug-in hybrid vehicles by 2030. However, the business accepts that a limited number of mild hybrid vehicles may still be available if market conditions dictate.

While Volvo has previously stated its unwavering commitment to an all-electric future by 2030, the update reflects the challenging market conditions. The rising popularity of hybrid automobiles, which provide the benefits of cost and convenience, has pushed several automakers to reconsider their electrification strategy. The delayed distribution of charging infrastructure reinforces the case for hybrids as a feasible alternative for many customers in the near future.