Volvo Walks Back Promise Of Exclusively Producing Electric Vehicles By 2030 – One America News Network

September 4, 2024 Blake Wolf US 0

A Volvo logo is displayed on the grill of a new car sitting in a showroom July 26, 2007 in Chicago, Illinois. Ford, which owns the Volvo brand, today posted its first quarterly profit in two years. The auto maker, which is in the midst of a restructuring, recently sold Aston Martin, and has said the sale of its Jaguar and Land Rover brands is probable, is also exploring the idea of selling the Volvo unit. (Photo by Scott Olson/Getty Images)

OAN Staff Blake Wolf
5:35 PM – Wednesday, September 4, 2024

Swedish automaker Volvo walked back their goal of solely producing electric vehicles (EVs) by the year 2030 on Wednesday, claiming that it now expects to still offer hybrid models as we enter into the next decade.

The company had previously announced that 90% to 100% percent of its 2030 global sales would consist of fully electric EVs and plug-in hybrids.

“Volvo cars remains committed to its long-term ambition of full electrification, and the company’s long-term investment plan and product strategy remains geared towards fully electric cars,” said the company in a statement. “The adjustment to its ambitions is not expected to have any material impact on the company’s capital expenditure plans.”

The change in tune follows consumer concerns of charging infrastructure as well as lackluster range that EVs possess and a lack of affordable models. Drivers are still choosing hybrids more frequently as an alternative to fully electric vehicles.

A May study published by J.D. Power revealed that 52% of drivers were turned off from electric vehicles due to concerns of a lack of charging stations. Power stated that the “concerns about public charging infrastructure are only getting worse,” as more drivers become familiar with the logistics behind their next potential charge.

The growing demand for hybrid vehicles has forced car manufacturers to shift their strategies, as they had initially planned to fade hybrid models in favor of fully electric ones.

“We are absolute in our belief that our future is electric,” stated Volvo CEO Jim Rowan. “An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience.”

“However, it is clear that the transition to electrification will not be linear, and customers and markets alike are moving at different speeds of adoption,” Rowan continued. “We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability.”

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