Iconic automaker to be a fully electric brand by 2030: ‘Time for industry and political leaders to be strong and decisive’

Volvo is making a serious play in the electric vehicle market, with plans to become a fully electric car brand by 2030.

To do so, though, the company needs to undergo significant restructuring. The Swedish brand’s next move is to reduce its workforce in the United States and Canada, with Electrek reporting that savings of up to $88 million are required to allow it to prepare for the all-electric strategy.

Sources told Electrek that 10% of the company’s white-collar workforce in North America will be impacted by October and that regional personnel will be offered early retirement.

While the loss of staff is hugely unfortunate, it’s clear Volvo sees the move as essential to meet its lofty green ambitions.

In April 2018, Volvo announced its hopes that 50% of all its car sales will be electric vehicles by 2025, with all models sold from 2019 either being mild hybrids, plug-in hybrids, or battery electric vehicles. Furthermore, it intends to be a climate-neutral company by 2040.

Part of that strategy is to increase its presence in China, where the government plans to have more than 20% of its annual car sales made up of clean-energy models.