Volvo Car announced plans to launch 13 new vehicle models by 2030 in a bid to revitalize its business amid a challenging global automotive market. The Swedish automaker, majority-owned by China’s Zhejiang Geely Holding Group, outlined the initiative on Thursday as part of a broader strategy to increase sales and profitability through a refreshed product lineup.

The company, which currently offers 14 models with various variants, intends to introduce seven new vehicles tailored for Western markets and six for China by the end of the decade. This move is aimed at expanding its market share through a regionally focused portfolio that emphasizes electrified, all-electric, and next-generation hybrid vehicles.

Volvo’s Chief Executive Hakan Samuelsson highlighted the complex environment facing the auto industry, citing pressures from the ongoing transition to electric vehicles, the decline of globalization, and intensified competition from Chinese automakers expanding internationally. The company had initially planned to sell only electric vehicles by 2030 but revised that target in 2024, acknowledging slower-than-expected consumer adoption in several countries.

In the United States, Volvo anticipates a more gradual shift toward electrification following the withdrawal of federal tax incentives, which previously supported the electric vehicle market. Chief Commercial Officer Erik Severinson described the U.S. market as “not growing” currently in terms of electrification and emphasized the need for a pragmatic approach bridging traditional combustion engines and full electric models. Volvo sees plug-in hybrids as an important transitional technology for American consumers reluctant to switch outright to battery power.

Severinson noted that customer return to purely combustion-engine cars appears unlikely, suggesting a continuing move toward electrified options. The company aims to use the refreshed lineup as a key driver for long-term growth, targeting an operating profit margin exceeding 8 percent.

Volvo’s strategy involves leveraging existing computing platforms and vehicle architectures for its new Western market models to reduce investments in technology and manufacturing, while in China it will collaborate with parent company Geely on shared platforms and supply chains to improve efficiency.

The product revamp represents Volvo’s largest push to date to contend with global market challenges and capitalize on evolving consumer preferences in a rapidly changing automotive landscape.