Volvo Cars has abandoned its ambitious target to sell only electric cars by 2030 amid a global fall in demand for battery-powered vehicles.
The Geely-owned Swedish group had been the first among traditional carmakers to pledge a complete switch to electric, and remains the most bullish about the transition even as rivals including Ford and General Motors have also walked back on their EV targets.
Jim Rowan, Volvo’s chief executive, on Wednesday blamed changing market conditions and consumer worries over the lack of charging infrastructure for its revised target.
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