Car manufacturer Volvo on Wednesday announced it would modify its “ambitions” of offering a full lineup of electric vehicles by 2030.
While fully electrifying its fleet remains a “key pillar of Volvo Cars’ product strategy,” the company noted such plans no longer appear within reach by its previous deadline. The company, in a release, said it would expand this goal to include plug-in hybrid vehicles, which use both gasoline and electricity as fuel.
“Going forward, Volvo Cars aims for 90% to 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 – in essence, all cars with a cord,” it wrote.
The company pinned the adjustment on “a slower-than-expected rollout of charging infrastructure” and “additional uncertainties” created by electric vehicle tariffs. Volvo called for “stronger and more stable government policies” to help it reach its EV goals.
“We are resolute in our belief that our future is electric,” Volvo Cars CEO Jim Rowan said. “An electric car provides a superior driving experience and increases possibilities for using advanced technologies that improve the overall customer experience.”
“However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption,” he added.
Volvo now expects to make between 50% and 60% of its cars electric by 2025. The company said it aims to have its electric fleet prepared for “when market conditions are suitable.”
“Volvo Cars remains committed to its long-term ambition of full electrification, and the company’s long-term investment plan and product strategy remain geared towards fully electric cars,” it wrote. “The adjustment to its ambitions is not expected to have any material impact on the company’s capital expenditure plans.”
This pivot will also impact the company’s goal to reduce the CO2 emissions of its cars by 75%. It now says it will aim for a reduction between 30% and 35% by 2025.