Volvo Likely To Revert On Only EV Plan And Continue To Make Hybrids And PHEVs
Volvo is boldly going against the grain to keep loyal customers who don’t want an EV
Volvo is demonstrating a forward-thinking approach to the transition from traditional internal combustion engines to fully electric vehicles (EVs) by maintaining a strong focus on hybrid technology despite initially pushing hard for EVs. I guess the customers spoke and Volvo listened, now lets see how many other manufacturers also listen to their customers.
While Jim Rowan, Volvo’s CEO, has reiterated his belief in the superiority of electric propulsion over internal combustion engines, he acknowledges that achieving full electrification across diverse global markets will take time. This nuanced perspective highlights Volvo’s strategic use of hybrid vehicles as a practical and effective bridge during this transitional phase.
Moreover, Rowan emphasised that hybrids, specifically plug-in hybrids and mild hybrids, continue to play a crucial role in Volvo’s lineup. These vehicles not only cater to varying market adoption rates for EVs but also remain highly popular among Volvo’s customers. By continuing to invest in hybrid technology, Volvo is ensuring that it meets current consumer demands while gradually steering towards a future dominated by electric mobility.
Despite a notable 74 percent decline in EV sales in the US during the first half of 2024, Volvo’s EV performance remains robust in other regions. Sales of fully electric vehicles surged by 53 percent globally, reaching a total of 90,760 units sold in the first half of the year. This represents a significant increase from the previous year, and fully electric cars accounted for 26 percent of Volvo’s sales in the last month.
In contrast, European markets experienced an impressive 80 percent growth in EV sales, and other regions outside the US, Europe, and China saw a 49 percent increase. Volvo’s commitment to hybrids is further evidenced by insights from some US dealers, who anticipate continued strong sales of gas-powered hybrids well into the next decade.
On top of that, Volvo spokesperson Russel Datz highlighted that while the company is firmly committed to electrification as the future of automotive transportation, the path to this future is not linear. As such, Volvo will persist in investing across its entire product range, ensuring that both hybrids and EVs play integral roles in the company’s strategy.
This approach mirrors the strategies of several industry rivals, such as Ford, GM, and Hyundai, who are also leveraging hybrid technology as a transitional tool. By doing so, Volvo is not only aligning with broader industry trends but also reinforcing its commitment to delivering innovative, customer-centric solutions throughout the electrification journey.
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