Swedish automaker Volvo on Thursday announced it’s no longer aiming to sell only electric vehicles by the end of the decade, citing shifting market trends.
Car company Volvo has abandoned its target to produce only fully electric cars by 2030, saying it now expects to be selling some hybrid vehicles by that date.
Volvo, which has traditionally flaunted its environmental credentials, joins other major carmakers General Motors and Ford in rowing back on EV ambitions.
The carmaker blamed changing market conditions for its decision to give up a target it had announced only three years ago.
It comes as the industry faces a slowdown in demand in some major markets for electric vehicles (EVs) and uncertainty due to the imposition of trade tariffs on EVs made in China.
Despite the announcement, Volvo said it expects 90% of its output to be made up of electric vehicles and hybrids by 2030.
According to the carmaker, customer demand has decreased significantly as government subsidies have dried up, and the slow deployment of charging infrastructure has further discouraged customers from switching from traditional engines.
