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Volvo gives up plan to sell only EVs by 2030

The car maker's decision comes as industry faces slowing demand in some major markets for electric vehicles.

Volvo, which has traditionally flaunted its environmental credentials, joins other major car makers General Motors and Ford, which have also rowed back on their EV ambitions. The company also said the business climate for EVs had changed, due to factors such as a slow rollout of charging infrastructure and the withdrawal of consumer incentives. Volvo is majority-owned by Chinese car giant Geely and because it uses factories in China, it will also be affected by tariffs on imports of Chinese-made EVs in Europe and North America.

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