Volvo Cars revamps SUV hybrid as it shifts plans away from pure electric

Volvo (OTC:VLVLY ) Cars said on Wednesday that plug-in hybrids would continue to be a critical part of its profit growth plans over the next few years and that it would revamp its XC90 hybrid sports utility vehicle (SUV).

The Swedish automaker said earlier on Wednesday that it had abandoned its ambition to sell only fully electric cars by 2030, and would instead allow plug-in vehicles as well as some hybrid engine cars as part of its lineup at that time.

"This balance between fully electric and plug-in hybrids is the right portfolio for the market of today, as the premium fully electric market is still developing in several key markets," the automaker said in a statement.



The refreshed XC90 model will have a similar interior and features to its fully electric counterpart, the EX90.

The order books for the updated XC90 opened on Wednesday, with production set to start later in the year and initial customer deliveries expected around year-end.

Source: Investing.com