Volvo Cars drops 2030 as target for fully electric lineup
Says plugin hybrids will be critical part of profit growth
Demand for EV39;s has slowed
Shares fall more than 7

STOCKHOLM, Sept 4 Reuters Swedish automaker Volvo Cars scrapped its target of going all electric by 2030 on Wednesday, saying it now expected to still be offering some hybrid models in its lineup at that time.

Major automakers have seen slowing demand for EVs partly due to a lack of affordable models and the slow rollout of charging points, while also bracing for the effects of European tariffs on electric cars made in China.

Shares in the company were down 7.5 at 1416 GMT, after hovering around 4 lower ahead of the announcement of scaledback targets.

Volvo Cars said in the statement that by 2030 it now aimed for between 90 and 100 of cars sold to be fully electric or plugin hybrid models, while up to 10 would be socalled mild hybrids, where electric power only supplements the combustion engine.

Volvo Cars said in a separate statement that plugin hybrids would be a critical part of its future profit growth, and that it would revamp its hybrid XC90, with first customers receiving the SUV by the end of the year.

Volvo Cars sells a mix of electric and hybrid cars, and had until now remained steadfastly committed to its plans to only sell fully electric cars by 2030 even as its rivals began scaling back their ambitions. Some of Volvo39;s flagship fully electric cars are the EX90 and the EX30, both…