Volvo has abandoned its target for only fully electric cars by 2030, shifting focus to include hybrid vehicles due to changing market conditions.
Jim Rowan, chief executive of Volvo, stated, 'We are resolute in our belief that our future is electric...the transition to electrification will not be linear.'
Factors affecting Volvo’s shift include a slow rollout of charging infrastructure and withdrawal of consumer incentives, highlighting changing market dynamics.
After imposing tariffs on Chinese-made EVs, Canada, the US, and EU have reacted against perceived unfair advantages in China’s EV industry.
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