Volvo backtracks on its 100% EV pledge: Here’s what the new plan looks like
Another automaker is adjusting its near-term electric vehicle target. Volvo is scaling back on its 100% EV pledge by 2030. The company said stronger government support is needed to advance the transition.
Volvo was one of the first automakers to set a 100% EV sales goal by 2030. The announcement was made over three years ago in March 2021.
The plan was to sell only fully electric cars while phasing out “any car in its global portfolio with an internal combustion engine, including hybrids.”
Volvo’s former chief executive, Henrick Green, explained, “There is no long-term future for cars with an internal combustion engine,” adding, “Instead of investing in a shrinking business, we choose to invest in the future.”
It looks like those plans are now changing. Volvo announced Wednesday that it was adjusting its electrification strategy.
Volvo is scaling back its 100% EV pledge by 2030. The new plans call for 90 to 100% of global sales to be electrified, including EVs and plug-in hybrids (PHEVs). Or, in other words, “all cars with a cord.”
Volvo walks back 100% EV pledge by 2030
The other up to 10% will be “a limited number of hybrids” if needed. By 2025, Volvo expects 50 to 60% of sales to be electrified.
Volvo has already launched five all-electric models: the EX40, EC40, EX30, EM90, and the EX90. After delivering its first model in January, the Volvo EX30 is already the third best-selling EV in Europe.
Another five EVs are in development. However, Volvo said the shift comes as the charging infrastructure rollout has been out slower than expected, and government incentives have been withdrawn.
Volvo is calling for stronger and more stable government policies to support the transition to EVs.
Volvo Cars CEO Jim Rowan explained, “We are resolute in our belief that our future is electric.” He added, “An electric car provides a superior driving experience.”
Despite this, “it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption,” Rowan explained.
Volvo also adjusted its CO2 reduction goal. The company aims to reduce CO2 emissions per car by 65% to 75% by 2030 (using 2018 as a baseline). That’s down from the previous 75% reduction target.
Next year, Volvo aims for a 30 to 35% reduction (with 2018 as a baseline), down from 40%. The company is still working with suppliers to cut CO2 emissions across its value chain.
Electrek’s Take
With two new electric SUVs, the EX30 and EX90, rolling out, Volvo still expects all-electric vehicle sales to pick up.
Volvo’s first US-made EX90 rolled off the assembly line in June, with deliveries kicking off this month.
The EX30, starting at $34,950, will be one of the most affordable EVs in the US. However, Volvo cited new tariffs on EVs imported from China as another reason for the adjustment.
The US announced a 100% tariff while Europe is planning to slap an extra 36.3% tariff. Volvo’s EX30 is made in China, but the company will begin production in Belgium to bypass the additional duties.
Volvo’s announcement comes after several automakers, including Ford, GM, and Mercedes-Benz, revealed similar adjustments.
With legacy automakers scaling back, it could give pure EV makers, like Tesla and Rivian, even more time to grab market share.
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Environment
Baidu- and Geely-backed JiYue brand unveils ROBO X EV that goes 0-100 km/h in under 1.9 sec
JiYue, a Chinese EV brand focused on delivering all-electric “robocars” to the masses, has unveiled its latest model, and it’s quite a deviation from its previous EVs—but in the best way. Earlier today, JiYue launched the ROBO X supercar, designed for high-speed racing. By high speed, we mean 0-100 km/h acceleration in under 1.9 seconds. My mouth is watering.
JiYue has only existed since 2021, when parent tech company Baidu announced it was expanding from software development into physical EV production, joining forces with multinational automotive manufacturer Geely.
The new “robotic EV” marque initially launched as JIDU with $300 million in startup capital before garnering an additional $400 million in Series A funding, led by Baidu, in January 2022.
In August 2023, Geely took on a larger role in JIDU alongside a greater financial stake as the brand reimagined itself as JiYue, inheriting the JIDU logo and its flagship model, the 01 ROBOCAR.
In December 2023, Baidu and Geely unveiled a second model called the JiYue 07. It was born from JIDU’s ROBO-02 concept, which debuted in 2023 and was designed to compete against the Tesla Model 3 in China.
The 07 finally launched in China earlier this year with 545 miles of range. With an all-electric SUV and sedan on the market, JiYue has unveiled an exciting new entry in the form of a performance supercar called the ROBO X. Check it out:
JiYue’s new ROBO X EV is available for pre-order now
JiYue showcased its new ROBO X hypercar in front of the crowd at the 2024 Guangzhou Auto Show earlier today. Similar to previous models but with a unique spin, JiYue described the ROBO X as an AI smart-driving supercar that, for the first time, blends artificial intelligence and autonomous driving into a high-performance, race-ready EV.
When we say “high performance,” we mean a quad motor liquid-cooled drive system that can propel the ROBO X from 0 to 100 km/h (0 to 62 mph) in under 1.9 seconds. JiYue called the new ROBO X a “performance beast” with “the perfect balance of excellent aerodynamic performance and high downforce.” JiYue CEO Joe Xia was even bolder in his statements about the ROBO X:
For the next 20 years, the design of supercars will bear the shadow of Robo X. This is the best design in the history of Chinese automobiles today, and it is a landmark presence.
Fighter-style airflow ducts bolster the EV’s aerodynamics, efficiency, and overall posture. Per JiYue, the two-seater ROBO X is expected to deliver a maximum range of over 650 km (404 miles).
The new supercar features falcon-wing doors, a carbon fiber integrated frame, and a professional racing HALO safety system offering 360° of support. The interior features an AI smart cockpit with SIMO real-time feedback to give drivers an immersive racing experience.
Furthermore, JiYue said the vehicle will utilize parent company Baidu’s Apollo self-driving technology, which could make it the first electric supercar to apply pure-vision ADAS technology that enables track-level autonomous driving.
Following today’s unveiling of the ROBO X, JiYue has officially opened up pre-orders in China for RMB 49,999 ($6,915). That said, reservation holders will need to be patient as JiYue shared that it doesn’t expect to begin mass production of the ROBO X until 2027.
What do you think? Will people be talking about the ROBO X for the next 20 years?
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes the launch of the Lectric XPedition 2.0, Yamaha e-bikes pulling out of North America, LiveWire unveils an electric scooter concept, PNY readying its cargo e-scooters for pilot testing, Royal Enfield’s first electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:30 a.m. ET (or the video after 10:30 a.m. ET):
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Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.
U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.
Here are Friday’s energy prices:
- West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
- Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
- RBOB Gasoline December contract: $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
- Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.
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