'Market conditions' hit Volvo too: Electric car production plans suspended

Automaker Volvo has abandoned its plans to convert its entire product range to electric by 2030. The company now plans to sell some hybrid vehicles as well. Volvo has walked back the goal it announced three years ago due to changing market conditions.

Tariffs imposed on electric vehicles produced in China, particularly in Europe, were influential in Volvo's decision. Volvo anticipates that by 2030, at least 90 percent of its production will consist of both electric vehicles and plug-in hybrids.

Volvo CEO Jim Rowan stated, "We are resolute in our belief that our future is electric. However, it is clear that the transition to electrification will not be linear, and that customers and markets are moving at different speeds."

The company also noted that the situation for electric vehicles has changed due to factors such as the slow rollout of charging infrastructure and the withdrawal of consumer incentives.

General Motors and Ford had also previously stepped back from their electric vehicle targets.

News Source: 12punto