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POWER: Volvo Cars to Slash 2030 Fully Electric Target

POWER

Volvo scrapped its target of a fully electric car fleet by 2030 due to challenging market conditions, it said, cited by Bloomberg. 

  • Instead, the car manufacturer aims 90-100% of its sales to be EVs by 2030, with the remaining 10% to be a mix of EVs and plug-in hybrid models.
  • The reason for the change in strategy is due to a slower-than-expected rollout of charging infrastructure, the withdrawal of government incentives and market uncertainties amid recent tariffs on EVs in several markets.

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