In response to U.S. federal tax credits for electric vehicle purchases ending, Volvo Cars has walked back its plans to go all-electric by 2030, according to CarBuzz.
The brand, however, is not completely ridding electric vehicles from its repertoire. The company is just switching strategies.
CarBuzz reported that Volvo CEO Hakan Samuelsson said that the company will manufacture a new, made-in-America hybrid vehicle to hit the market before 2030.
The new model will be electric, and when the battery dies, the combustion engine will take over.
Prior to the tax credit cut, which went into effect on Oct. 1, consumers rushed to purchase EVs and secure the credit for the next tax season, according to NPR.
While EV sales spiked in the weeks before the cut, what will likely follow, NPR said, is a sharp decline in EV sales.
Still, EVs, and even new-age hybrids like Volvo's upcoming model, are cheaper alternatives to gas-run vehicles because they are less expensive to power.
EV owners can save up to $1,500 a year on fuel and maintenance.
Consumers who charge their EVs at home can save even more.
Qmerit, an electric charger provider, offers free and immediate quotes for Level 2 EV charger installations. Similarly, EnergySage offers free installation quotes for solar panels, which can help reduce charging costs when integrated into the home. With EnergySage, consumers could save up to $10,000 on solar installation.
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Sign me up 👍 EVs are not only financially sustainable, but also environmentally beneficial.
Lithium batteries for EVs require mining, and the EV manufacturing process is polluting. But when in operation, EVs pollute less than gas vehicles — in fact, they account for zero tailpipe pollution.
Without emissions blasting from their tailpipes, fully electric vehicles emit just 200 grams of CO2 per mile over their lifetimes, while gasoline cars emit more than 350 grams, according to an MIT study on the university's portal.
Hybrid vehicles, such as the one Volvo Cars has in the works, emit around 260 grams of CO2 per mile.
While not fully electric, hybrids are still better for the environment than gas-powered vehicles.
Samuelsson said, per CarBuzz, that the new car is to be launched for the American market, but it will be exported to Europe, as well.
Its hybrid status makes it more accessible, as it will "take time until America is electric everywhere" in light of the tax credit's fate.
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