---
title: "Volvo Abandons All Electric Car Goal as EV Market Slows"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-09-05T16:42:39+00:00"
modified: "2024-09-05T16:42:39+00:00"
date: 2024-09-05
canonical: "https://stockmark.it/volvo-abandons-all-electric-car-goal-as-ev-market-slows/"
category: "Automotive"
categories: ["Automotive", "Electric Vehicles"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-09-05T174219.552.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Volvo Abandons All Electric Car Goal as EV Market Slows

**Published:** September 5, 2024
**Author:** Stockmark.IT Website
**Categories:** Automotive, Electric Vehicles
**Featured image:** ![Close-up of Volvo emblem on a car grill. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-09-05T174219.552.jpg?fit=1200%2C800&quality=89&ssl=1)

---

Volvo, the Swedish automaker known for its environmental commitments, has reversed its plan to sell only fully electric cars by 2030. This decision comes amidst growing signs of a global slowdown in the electric vehicle (EV) market. The company, owned by Chinese conglomerate Geely, had previously been at the forefront of the electric revolution. As early as 2017, Volvo declared its intention to produce only all-electric or petrol-electric hybrids by mid-decade. In 2021, it boldly announced plans to become an electric-only brand by 2030.

However, in a statement released on Wednesday, Volvo adjusted its targets. The automaker now expects at least 90 per cent of its production to be either all-electric or plug-in hybrid by 2030. The remaining vehicles will be “mild hybrids”, essentially petrol cars with energy-saving features. This significant shift in strategy was announced by Jim Rowan, Volvo’s Scottish CEO who joined the company in 2022 from the technology and consumer electronics industry.

Rowan stated, “We are resolute in our belief that our future is electric. However, it is clear that the transition to electrification will not be linear and customers and markets are moving at different speeds of adoption.” The decision reflects growing consumer resistance to higher-priced zero-emission vehicles, particularly in the face of increased inflation and interest rates. Additionally, the immaturity of public charging networks has contributed to hesitancy in EV adoption. Volvo’s announcement coincides with news from Volkswagen, Europe’s largest carmaker, which has indicated it may need to cut thousands of jobs due to lower-than-expected demand for electric vehicles.

Volkswagen’s finance director, Arno Antlitz, revealed that the company is short of sales for around 500,000 cars, equivalent to the output of two plants. These developments underscore the challenges facing the automotive industry as it navigates the complex transition to electric mobility. As consumer preferences and market conditions continue to evolve, carmakers are being forced to reassess their strategies and timelines for full electrification.

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