Volvo ditches BEV target

Volvo Cars has ditched its plan to only sell battery electric vehicles (BEVs) by 2030 and now expects to still be offering some hybrid models come the end of the decade.

The company says its new targets are for between 90 and 100 per cent of cars sold worldwide to be fully electric or plug-in hybrid (PHEVs) by 2030, and for up to 10 per cent to be mild hybrids, where electric power supplements a combustion engine.

Volvo Cars, which is majority-owned by China’s Geely, explains it is adjusting its goals in response to changing market conditions and customer demands, reports Reuters.

By 2025, Volvo Cars expects BEVs and PHEVs to account for 50 to 60 per cent of global sales.

The Swedish carmaker says full electrification remains a key pillar of its product strategy and it has five BEV models in development, along with five already on the market.

“We are resolute in our belief that our future is electric,” adds Jim Rowan, chief executive. “However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption.”