The Swedish automaker, which is majority owned by China’s Geely, said it is now aiming for electric vehicles or plug-in hybrids to account for 90 per cent of global sales, and the remainder will be hybrid models. (The Logic)

Talking point: The announcement makes Volvo the latest company to delay its electrification plans amid a global slowdown in EV demand. Volvo has unique insights into the EV market through its work with Geely and EV startup Polestar. CEO Jim Rowan said during a kickoff event for its flagship EV and hybrid vehicles that electrification remains the high-end automaker’s “north star” and it is ready to transition to EVs this decade. But the company is “not dogmatic” about its 2030 goals as many consumers aren’t ready to switch to EVs, Rowan said. Meanwhile, rival Volkswagen warned it is restructuring and may consider plant closures in its home country of Germany, citing “extremely tense” conditions. It is ending a job security program that has been in place since 1994.