Jun 2023

Volvo to go Full Electric Globally by 2030

Volvo’s Chief Commercial Officer, Bjorn Annwall, said Volvo will not sell a single car that is not full-electric after 2030 regardelss of the market.”

That all-in strategy could cost Volvo sales in markets such as the United States, which remains skeptical of battery-powered vehicles because of range anxiety and inadequate charging infrastructure. Last year, EVs accounted for just 5.8% of new-car sales in the U.S., according to Guidehouse Insights. The consulting firm expects that share to grow to at least 27% by 2030.

“There might be a few markets where we lose a little bit of sales,” Annwall conceded. But focusing financial and human resources on a single powertrain technology gives Volvo the best shot at producing the most compelling EV products, he said. “We would give up a lot of growth if we didn’t focus on battery” vehicles, Annwall said. “Last time I looked, that’s a very strong growing market, and ICE is a shrinking market.”

“To be successful, you should focus on the growing part of the market.”