Gothenburg, 9 September 2024 (FinanceFlashNews) – Volvo has abandoned its ambitious plan to exclusively sell electric vehicles (EVs) by 2030. The decision marks a significant shift from the company’s previous commitment to transitioning entirely to electric mobility within the next six years.
The Swedish automaker had initially aimed to phase out the sale of internal combustion engine vehicles and focus solely on EVs as part of its strategy to reduce carbon emissions and lead in sustainable transportation. However, Volvo’s latest announcement reflects challenges in scaling up EV production and meeting market demands.
The company cited supply chain issues, fluctuating demand for electric vehicles, and the need for more time to develop the necessary infrastructure as reasons for the change in strategy. Volvo now plans to continue offering a mix of electric and hybrid models alongside its traditional combustion engine vehicles, with a stronger focus on gradually increasing its electric offerings.
Volvo’s updated strategy emphasizes a more flexible approach to achieving sustainability goals while ensuring that they can meet consumer needs and adapt to market conditions (Reuters).
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