Sweden-based Volvo Cars has abandoned plans to sell only electric vehicles (EVs) by the end of the decade, executives said on Wednesday.
“It's clear that the transition to electrification will not be linear, and customers and markets will adopt at different speeds,” Volvo CEO Jim Rowan said. said In a statement.
In 2021, Volvo, along with many other multinational automakers, committed to producing and selling only EVs by 2030.
Volvo, owned by China's Geely Holding Group, has only pledged that 90-100 percent of its cars will be electric or hybrid by the end of the decade.
“Electric vehicles offer a great driving experience and increase the potential to leverage advanced technologies that improve the overall customer experience,” Rowan said. “We are being pragmatic and flexible, while maintaining our industry-leading position in electrification and sustainability.”
A lack of consumer demand, combined with a supply chain largely controlled by China, is forcing automakers to rethink their rapid transition to an EV-only future.
Germany-based Mercedes-Benz, for example, in May abandoned its goal of selling only electric vehicles by 2030, after executives acknowledged that far fewer consumers than expected were interested in EVs.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter. here.
