Volvo Becomes Latest Automaker to Slash EV Production Targets, Citing Falling Demand
The Swedish car giant Volvo has become the latest automaker to scrap their electric vehicle (EV) production targets, citing a decerase in overall demand.
In a statement on Wednesday, company CEO Jim Rown admitted that customers are not ready to switch just yet and that many still prefer gas or diesel powered vehicles.
“We are resolute in our belief that our future is electric,” he said. “However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption.”
The company, which is majority-owned by China’s Geely Holding, is also bracing for the effects of European tariffs on electric cars made in China.
