Sweden-based Volvo Cars is abandoning its plans to sell only electric vehicles (EVs) by the end of the decade, executives announced on Wednesday.
“It is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption,” Volvo CEO Jim Rowan said in a statement.
In 2021, Volvo, like many multinational automakers, pledged to produce and sell only EVs by 2030.
Volvo, which China’s Geely Holding owns, is only committing to 90 to 100 percent of its cars being EVs or hybrids by the end of the decade.
“An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience…” Rowan said. “We are pragmatic and flexible while retaining an industry-leading position on electrification and sustainability.”
A lack of consumer demand coupled with a supply chain that China largely controls is pushing automakers to rethink their rapid transition to an EV-only future.
In May, for example, Germany-based Mercedes-Benz abandoned its goal of selling only EVs by 2030, with executives admitting that far fewer consumers than they anticipated are interested in going electric.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.
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