On Wednesday, Swedish automaker Volvo Cars abandoned its near-term goal of only selling electric vehicles due to changing market conditions and cooling demand, despite being owned by China’s Geely Holding. The company now aims for between 90% to 100% of its cars sold to be fully electric or plug-in hybrid models by 2030, replacing a previous pledge for a fully electric line-up by the end of the decade. This decision follows similar moves by other industry players like Mercedes-Benz Group and Volkswagen to scale back EV ambitions. Volvo Cars CEO Jim Rowan emphasized the importance of flexibility in the transition to electrification, acknowledging that customers and markets are adopting at different speeds. As a result, shares of Volvo Cars traded more than 4% lower on Wednesday.