It is known that Volvo's long-term goal is still to become an all-electric car company and achieve zero greenhouse gas emissions by 2040. This has replaced the world's safest carmaker's previous ambition for an all-electric product line by 2030.
Volvo's ambition adjustment is not expected to have any significant impact on the company's investment plan.
The representative of Volvo also said that with 5 fully electric cars (EV) models on the market and 5 other models under development, fully electrified cars are still the main pillar in Volvo Cars' product strategy.
In the future, the company aims to achieve 90% - 100% of global sales by 2030 is electric cars. On the other hand, the remaining 0% - 10% will allow the sale of a limited number of light hybrid models if necessary.
In addition, Volvo will also continue to develop plug-in and light hybrid models, providing a balanced product portfolio, and at the same time a solid transition to an all-electric future.
Accordingly, by 2025, the proportion of electrified products is expected to reach 50% to 60%. By the end of this decade, Volvo will complete a range of electric vehicle products. This helps the company have a "tedged stepping stone" to completely electrification when market conditions are more suitable.
Currently, the market share of 100% 100% electric cars of Volvo is at 26% in the second quarter of 2024, which is considered the highest among all luxury car manufacturers. Meanwhile, the electrification market share, including electric vehicles and plug-in hybrids, accounts for 48%.
Due to the adjusted electrification target, Volvo is also updating the target on CO2 emission reduction. The company aims to reduce CO2 emissions by 65% - 75% per car by 2023 compared to the base level in 2018. This is an adjustment compared to the previous 75% reduction ambition. In 2025, the company aims to reduce by 30-35% compared to the baseline in 2018, instead of the previous target of 40%.
