Volvo is reviewing its ambitions for electric cars. The Swedish brand has in fact announced that it will not only sell EVs from 2030 as initially planned but that the product mix will also include a portion of hybrids given the difficulties the market is having with battery-powered cars. This was during the event where the new XC90 was presented as a world premiere. The adjustment of the ambitions of the Scandinavian car manufacturer has thus been decided “to adapt its electrification ambitions to changing market conditions and customer demands.”
New goals for Volvo
This means that Volvo will aim to sell 90% electrified cars, including EVs and plug-ins, and a remaining percentage of hybrids, especially mild-hybrids. At the same time, there has also been a review of the margin and turnover ambitions for the current year. This is because the Swedish brand has encountered “greater complexity, especially in relation to global trade and tariffs”. The carbon neutrality objectives do not change, with the Scandinavian brand aiming to “achieve net zero greenhouse gas emissions by 2040”. To achieve this goal, Volvo said it will rely on the use of megacasting to increase recycled aluminum and reduce emissions throughout its supply chain.
Ambitions unchanged
“The company’s ambitions further strengthen our commitment to generating value as a company, while remaining true to our purpose”said CEO Jim Rowan – “We continue to see the need for stronger and more stable government policies to support the transition to electrification and we firmly believe that our future is electric. However, it is clear that the transition to electrification will not be linear and that customers and markets are moving at different speeds of adoption. We are pragmatic and flexible.”
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