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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.
Volvo said worsening market conditions have made that goal untenable. The company added that it’s dedicated to going electric and expects to sell some hybrid vehicles by 2030.
“We are resolute in our belief that our future is electric,” Volvo CEO Jim Rowan. “However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds.”
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.
Additionally, since Volvo is owned by the Chinese car company Geely, it will likely suffer from the string of new tariffs on Chinese-made EVs. That includes a 100% tariff on Chinese-made goods imposed by Canada last week.
Volvo is not the only car manufacturer to scale back its EV plans. Due to shrinking demand, Ford and General Motors announced heavy cuts to their EV production.
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