Volvo Cars has become the latest automaker to adjust its electrification strategy as unfavourable market conditions prolong the shift to electric vehicles (EVs) beyond prior expectations. On 4 September 2024, the company announced that it will aim for 90-100% of its sales mix to be pure EVs by 2030, a potential reduction of up to 10% from its prior goal.
“We are resolute in our belief that our future is electric,” stated Chief Executive Jim Rowan. “An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience.” The company’s EV range currently has five models, including the best-selling EX30. Nevertheless, he considers the journey towards EVs as increasingly non-linear and that the automaker’s decision is a “pragmatic and flexible” reaction to consumer realities.
