In 2021 Volvo, the Swedish car manufacturing giant, announced it would only sell 100% Electric Vehicles (EVs) by 2030.
However, just three years later (September 2024), the long-time leader in the electric vehicle (EV) market announced it would be giving up this goal. Instead it now aimed for between 90% and 100% of cars sold to be fully electric or plug-in hybrid models.
As a result of the scaled back targets, its stock prices fell.
Given the market reaction, the Asset Impact analysts decided to check whether our asset-based data – which uses production forecasts by AutoForecast Solutions LLC that are based on actual capital expenditure plans for each individual vehicle – would have given an early insight into whether Volvo was ever on track to meet its ambitious EV target.
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According to AutoForecast Solutions LLC by 2030, Volvo was on track to produce approx. 90% fully electric models with so-called 'hybrid-no plug' models making up the remaining 10%. Despite their commitment to sell 100% EVs and impressive gains, Asset Impact's production forecast suggests that Volvo's transition to full electrification by 2030 was still a work in progress.
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