Volvo gives up plan to sell only EVs by 2030

Volvo now expects at least 90% of its output to be made up of both electric cars and plug-in hybrids by 2030.

The Swedish company may also sell a small number of so-called mild hybrids, which are more conventional vehicles with limited electrical assistance.

“We are resolute in our belief that our future is electric,” said Jim Rowan, chief executive of Volvo, in a statement.

“However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds.”

The company also said the business climate for EVs had changed, due to factors such as a slow rollout of charging infrastructure and the withdrawal of consumer incentives.

Volvo is majority-owned by Chinese car giant Geely and because it uses factories in China, it will also be affected by tariffs on imports of Chinese-made EVs in Europe and North America.