Volvo CEO sets tougher green-car target

Volvo Cars' top executive has set an even tougher 2021 sales target for the automaker's Recharge line of electrified cars after the automaker narrowly missed his 2020 goal.

"About a quarter of our sales globally should be Recharge this year," CEO Hakan Samuelsson told Automotive News Europe.

The Recharge family of plug-in hybrids and full-electric cars accounted for 17 percent of Volvo's 2020 global volume, up from 6.5 percent in 2019 but still below the 20 percent target set by Samuelsson, who envisions Volvo being an electric-only brand by 2030.

He is bullish because 19 percent of Volvo's global sales in the second-half of 2020 were Recharge models. Europe led the way with Recharge models accounting for 36 percent of Volvo's overall sales in the second half and 31 percent for the full year.

"I'm quite satisfied with the development we are seeing," Samuelsson said. "Recharge sales will continue to grow."