Volvo wants a quarter of its vehicle sales in Europe this year to be plug-in hybrids to help the automaker avoid fines if it misses the European Union's latest CO2 emissions reduction goals.
The increase would represent a huge jump from 2019 when Volvo said it sold 46,000 plug-ins in Europe, representing around 10 percent of its volume.
The stakes are high for Volvo's electric strategy because conventional SUVs made up more than half of sales last year and are largely behind the automaker's success since the takeover by China's Zhejiang Geely Holding Group a decade ago.
PA Consulting Group puts Volvo's potential fines from the EU for this year at a quarter of its annual operating profit.
CEO Hakan Samuelsson said Volvo will achieve its EU target this year through increased sales of plug-in hybrids.
"We don’t plan to pay any fees or penalties. We want to use our money for product development, not paying Brussels,” Samuelsson said at a…