Automotive News: Volvo ditches money-losing all-EV plan

Volvo has ditched plans to sell only electric cars by 2030 amid waning demand for battery powered vehicles as consumers realize the Green New Deal was really the Green New Scam.

The Swedish carmaker blamed the move on changing market conditions, amid fears many of the public continue to prefer petrol and diesel models.

It comes as major carmakers grapple with slowing demand for electric vehicles because of a lack of affordable models and the slow rollout of charging points needed to support electric vehicles.

Jim Rowan, chief executive of Volvo, said: “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 company, which is majority-owned by China’s Geely Holding, is also bracing for the effects of European tariffs on electric cars made in China.

The decision to scale back its ambitions comes three years after Volvo announced plans to go fully electric by 2030.

Volvo is now aiming for between 90pc and 100pc of cars sold to be fully electric or plug-in hybrid models by the end of the decade.

The Chinese-owned automaker said that its new target would also allow for up to 10pc of its sales to include a limited number of so-called mild hybrid models if needed.