Volvo has reversed its plan to exclusively produce electric vehicles by 2030, citing waning consumer demand for EVs, affordability issues, and concerns over charging infrastructure. Instead, the automaker will continue to offer some hybrid models alongside EVs to provide flexibility and accommodate varying market demands.
While Volvo remains committed to its long-term goal of electrification, it acknowledges that the transition won’t be straightforward. The shift reflects broader challenges in the EV market, including high prices, limited charging stations, and new European tariffs on Chinese-made electric vehicles.
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