Volvo has updated its goal of achieving 100% electric car sales by 2030, now aiming for ‟90 to 100 per cent‟ electrified cars by the end of the decade. This includes a combination of plug-in hybrid and full EV models, with mild-hybrid models making up to 10% of Volvo's volume. The company has not provided a new timeline for discontinuing production of combustion-engined cars.
CEO Jim Rowan emphasized that the transition to electrification is not a straight line, and Volvo is adaptable to changing customer preferences and market conditions. Volvo remains committed to a fully electric future and sustainability, with a target of achieving net zero emissions by 2040. Currently, Volvo's global pure-EV mix stands at 26%, with an expected demand for 50 to 60% of PHEV or EV models by the end of next year. The company currently offers five fully electric vehicles and plans to introduce more electric models in the future, including the ES90 saloon and EX60 SUV.
Volvo stressed the importance of government policies to facilitate the switch to electrification and reiterated its commitment to long-term investment in fully electric cars.
