Volvo Cars has announced an adjustment to its electric vehicle (EV) strategic plans, scaling back its previous pledge to go fully electric by 2030. The company cites changing market conditions and buyer demands as the driving factors behind this decision.

According to Volvo, the company cites changing market conditions and buyer demands as the driving factors behind this decision. These changes include: 

In detail, Volvo cites several factors that have prompted this strategic shift including the slower-than-expected rollout of public charging infrastructure, withdrawal of government incentives in some markets, and uncertainties created by recent tariffs on EVs in various regions

In detail, Volvo cites several factors that have prompted this strategic shift including the slower-than-expected rollout of public charging infrastructure, withdrawal of government incentives in some markets, and uncertainties created by recent tariffs on EVs in various regions

Despite the adjusted targets, Volvo remains to focus on becoming an industry leader in the EV market. The company has already launched five fully electric models including the the EX40, the EC40, the EX90, the EM90 and the popular EX30, which is the third best-selling EV in Europe. Volvo also has another five EVs in development, and it expects to have a complete lineup of full EVs available well before the end of the decade.

Notably, Volvo’s EX90 has recently announced that it has started deliveries in the U.S. and European market with plans for worldwide expansion through early 2025.

Read More: Volvo Begins Deliveries Of EX90 In The U.S. And European Market

Alongside the changes to its electrification strategy, Volvo has also updated its CO2 reduction goals. By 2030, the company now aims to reduce CO2 emissions per car by 65-75%, compared to the previous target of 75%.

Volvo’s CEO, Jim Rowan, emphasized the company’s resolve in transitioning to an all-electric future, stating, “We are resolute in our belief that our future is electric.” However, he acknowledged that “the transition to electrification will not be linear, and customers and markets are moving at different speeds.”

As Volvo makes changes to its EV strategy, its navigation through the evolving EV market by taking a pragmatic approach will be critical in shaping the company’s path toward a fully electric future.

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