Remains committed to a fully electric future (Il Sole 24 Ore Radiocor) - New York, 04 Sep - Swedish carmaker Volvo Cars said it had abandoned its aim of selling only fully electric cars by 2030 but said it remained committed to a fully electric future.

In a statement, Volvo said full electrification remained a key pillar of its product strategy with its long-term aim to become a fully electric car company as it looks to reach net zero greenhouse gas emissions by 2040.

But it said it had now decided to adjust its electrification ambitions due to changing market conditions and customer demands.

'We are resolute in our belief that our future is electric,' said Jim Rowan, chief executive of Volvo Cars. 'However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption. We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability.' Going forward, Volvo Cars aims for 90-100% of its global sales volume by 2030 to consist of electrified cars, meaning a mix of both fully electric and plug-in hybrid models, it said. The remaining 0-10 per cent will allow for a limited number of mild hybrid models to be sold, if needed.

By 2025, it expects the percentage of electrified products to come in between 50-60%. Well before the end of this decade Volvo Cars will have a complete line-up of fully electric cars available. That will allow Volvo Cars to make the move to full electrification as and when the market conditions are suitable, it said.

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(RADIOCOR) 04-09-24 16:28:06 (0427) 5 NNNN