Volvo Cars announced that it would not meet its goal of becoming fully electric by 2030, adjusting its target to between 90 and 100 percent electrification. The company attributed this change to several factors, including a slower-than-anticipated rollout of charging infrastructure, the withdrawal of government incentives in some markets, and uncertainties caused by recent tariffs on electric vehicles in various regions.

Despite these challenges, Volvo Cars emphasized that full electrification remains a crucial part of its product strategy. However, due to evolving market conditions and shifting customer demands, achieving this by 2030 would not be feasible. The automaker had originally outlined its ambition to go fully electric in 2021 but has now revised its plan to allow for the possibility that 0 to 10 percent of its sales may still include mild hybrid models, if necessary.

Currently, Volvo Cars offers five fully electric models, with another five in development. The company projects that electrified vehicles will constitute between 50 and 60 percent of its lineup by 2025, with a complete range of fully electric cars expected to be available well before the end of the decade. Volvo Cars stated that this timeline would allow it to transition to full electrification when market conditions become favorable.

During the second quarter of 2024, Volvo's share of fully electric vehicles reached 26 percent, the highest among its premium competitors.