Volvo Abandons 2030 EV Target As Market Woes Continue

Volvo Abandons 2030 EV Target As Market Woes Continue

https://www.windtaskforce.org/profiles/blogs/volvo-abandons-2030-ev...

Owen Klinsky
Contributor

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Swedish automaker Volvo Cars said on Wednesday that it is scrapping its goal of going fully electric by 2030 as the electric vehicle (EV) market continues to struggle.

The company announced it now aims for between 90% and 100% of its cars to be fully electric or plug-in hybrids by the end of the decade, with the remainder being “mild,” non-plug-in hybrids, a company press release stated. Volvo’s backpedaling comes amid lower-than-expected consumer demand for EVs and a recent industry shift away from electrification. (RELATED: REPORT: $84 Billion Worth Of Biden-Subsidized Manufacturi...

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“While Volvo Cars will retain its position as an industry leader in electrification, it has now decided to adjust its electrification ambitions due to changing market conditions and customer demands,” the company wrote. “The strategic adjustments to its electrification ambitions ensure that Volvo Cars has a flexible plan that meets customer preferences and enables value creation as a business.”

Volvo has ditched plans to sell only electric cars by 2030 amid waning demand for battery powered vehicles.

Another big manufacturer ditching EV plans. #CostOfNetZero

👉https://t.co/i7qPgRbjLx pic.twitter.com/AMlxhyAKwv

— Net Zero Watch (@NetZeroWatch) September 4, 2024

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“We are and will remain an industry leader in electrification and nearly half of our global sales are either fully electric or plug-in hybrids,” a Volvo spokesman told the DCNF.

The company’s shift in strategy comes amid broader challenges in the EV market, with consumer demand coming in lower than proponents hoped, according to Fortune, and automakers like Rivian, Ford and General Motors hemorrhaging cash on their EV initiatives.

Ford scrapped plans to manufacture a three-row electric SUV in August, while Mercedez-Benz dropped its goal of an all-electric line-up by 2030 in February. Luxury EV maker Lucid laid off 6% of its workforce in May, equating to roughly 400 employees.

Volvo’s Wednesday announcement is the latest setback for President Joe Biden’s goal of having 50% of new U.S. car sales be EVs by 2030.

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Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

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(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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