+
Volvo Cars Abandons 2030 Fully Electric Vehicle Goal
ECONOMY & POLICY

Volvo Cars Abandons 2030 Fully Electric Vehicle Goal

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.

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.

Next Story
Infrastructure Energy

SJVN Green Energy Invites Bids For 401 MW Solar Projects

SJVN Green Energy (SGEL), a wholly owned subsidiary of SJVN, has invited bids for the balance of systems (BoS) and land package to develop 401 MW of solar projects in Maharashtra under the Mukhya Mantri Saur Krushi Vahini (MSKVY) 2.0 programme, Component C.The last date for submission is 9 September 2025, with bids to be opened the same day. Bidders must deposit an earnest money of Rs 0.582 million per MW and pay a bid document fee of Rs 5,000 plus 18 per cent GST.SGEL has already secured 1,352 MW capacity of solar projects under the MSKVY 2.0 programme, and the current 401 MW package is part ..

Next Story
Infrastructure Transport

Proposal For Dry Port In Trichy To Boost Green Logistics

A proposal has been submitted to establish a dry port in Trichy, positioning the city as a strategic logistics hub for sustainable regional development. The facility, designed as an Inland Container Depot (ICD), would enhance exports and trade by shifting cargo from carbon-intensive road transport to a multimodal logistics system, reducing costs and emissions.Currently, exporters in Trichy face logistical challenges, including high transport costs and delays, as about 50 containers weighing 25 tonnes each are moved by road to distant harbours every month. A dry port would streamline supply cha..

Next Story
Infrastructure Energy

IOC, BPCL Resume Russian Oil Buys As Discounts Widen

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have resumed purchases of Russian crude for September and October deliveries, after discounts on the country’s flagship Urals crude widened, two company officials confirmed.The refiners had paused imports in July due to narrowing discounts and heightened political pressure, after Washington criticised India’s Russian oil buys. Former US President Donald Trump also threatened a 25 per cent levy on Indian goods, effective 27 August, in response to New Delhi’s continued imports.With Urals crude now available at discoun..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?