EU Decision to Cancel 2035 Combustion Engine Ban Leaves Automakers at Odds [Yahoo! Finance]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Yahoo! Finance
In March 2021, Volvo said it would go fully electric by the end of the decade. However, the lofty EV goal was dropped in September 2024, when the Geely-owned company said plug-in hybrids would stick around for a little while beyond 2030. Despite getting cold feet, the automaker headquartered in Gothenburg was adamant that the European Union should maintain its goal of banning the sales of new cars with combustion engines from 2035. When news broke yesterday that the European Commission had proposed a package allowing new ICE cars past the originally announced cut-off date, Volvo wasn't exactly happy. A company spokesperson told Automotive News Europe that reverting the ban could do more harm than good, as the decision “risks undermining Europe's competitiveness for years to come.” Additionally, it believes other automakers would have been able to adapt their portfolios to an EV-only lineup by 2035 had the ban remained unchanged: “ Volvo has built a complete EV portfolio in less t
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