Volvo backs down on electric

4 September 20241 month ago babelfish

Volvo Cars, the Swedish brand owned by the Chinese group Geely, is revising its electric objectives to 2030: by that date it will also continue to sell hybrid models

Volvo Cars, the Swedish luxury car brand controlled by Chinese group Geely , said it has given up on its goal of fully electrifying its offering by 2030, saying it will continue to sell hybrid models by then.

ELECTRIC CARS ARE STRUGGLING TO IMPOSE THEMSELVES

“We firmly believe that our future is electric,” said CEO Jim Rowan. “However, it is clear that the transition to electrification will not be linear and that customers and markets move at different speeds.”

In fact, despite the growth in sales at a global level, electric vehicles still struggle to establish themselves in many markets due both to their selling prices (on average higher than equivalent models with combustion engines) and to the not always satisfactory distribution of points of recharge.

VOLVO'S NEW SALES FORECASTS

Now Volvo says it estimates that by 2030, 90-100 percent of sales will be pure electric or plug-in hybrid models; while "light hybrids" ( mild hybrids ) will have a share of up to 10 percent. The new forecasts for 2025, however, say that electric and hybrid models will represent 50-60 percent of sales; according to the original objectives, electric vehicles alone would have been worth 50 percent of sales.

MORE ATTENTION TO HYBRID CARS?

Several car manufacturers have revised their plans for the electrification of supply due to uncertainties about demand, which is instead moving towards hybrid vehicles, which are cheaper and not dependent on charging infrastructure.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/volvo-rinuncia-obiettivo-elettrico/ on Wed, 04 Sep 2024 14:36:39 +0000.