Sweden's Volvo says deputy CEO to step down in management reshuffle as EV demand slows

Swedish automaker Volvo Cars connected Wednesday announced lawman CEO Björn Annwall volition measurement down from his existent relation arsenic portion of a absorption reshuffle designed to summation simplicity and collaboration successful the organization.

It comes soon aft Volvo Cars abandoned its near-term extremity of selling lone electrical vehicles (EVs), citing a request to beryllium "pragmatic and flexible."

The car manufacture presently faces a perfect tempest of challenges connected the way to afloat electrification, including a deficiency of affordable models, a slower-than-anticipated rollout of charging points and the interaction of European tariffs connected EVs made successful China.

"In a rapidly changing world, we request to guarantee our organisation is equipped to navigate a much challenging market," Jim Rowan, CEO astatine Volvo Cars, said successful a written statement.

"We are present regrouping our commercialized enactment squad with a absorption connected making Volvo Cars adjacent stronger with accrued velocity and efficiency," helium added.

Annwall, who presently serves arsenic the main commercialized serviceman and lawman CEO of Volvo Cars, volition soon measurement distant from his relation and enactment the reorganization of the firm's operation earlier taking his adjacent measurement extracurricular of the firm, the institution said.

Some of the different enactment changes Volvo Cars announced see plans for Arek Nowinski to go the firm's president of planetary markets, Gretchen Saegh-Fleming to pb connected lawsuit acquisition and selling and Oscar Bertilsson Olsborg to go caput of planetary commercialized operations.

Volvo Cars said it was taking these steps to navigate challenges facing the automotive industry, specified arsenic headwinds driven by geopolitical and macroeconomic uncertainties, marketplace sentiment, accelerated exertion shifts and proviso chains.

Volvo Cars, which is owned by China's Geely Holding, walked backmost its program to merchantability lone EVs by 2030 successful aboriginal September.

The firm, which had been among the archetypal bequest carmakers to committedness a implicit power to EVs, said astatine the clip that it inactive intends to go a afloat electrical carmaker implicit the agelong term.

The determination means Volvo Cars is pursuing successful the footsteps of different manufacture players successful scaling backmost its EV ambitions. Germany-based carmakers Mercedes-Benz Group and Volkswagen person some antecedently announced a displacement successful their respective EV strategies.

Underlining the challenges facing its electrification ambitions, Volvo Cars said past period that determination had been a slower-than-expected rollout of charging infrastructure, a withdrawal of authorities incentives successful immoderate markets and further uncertainty prompted by caller tariffs connected EVs successful assorted markets.

Volvo Cars said these developments amusement that determination continues to beryllium a request "for stronger and much unchangeable authorities policies" successful bid to enactment the transition distant from fossil fuels.