Volvo Cars says it is abandoning its target of making its entire lineup fully electric by 2030.

The Sweden-based automaker announced on Wednesday that the decision was due to changing market conditions and customer demands. The 2030 target had been set in 2021.

The company said it now aims for more than 90 percent of its global sales volume by 2030 to consist of electric cars, including fully electric and plug-in hybrid models. It said up to 10 percent would consist of mild hybrid models, according to needs.

Slowing demand for EVs in Western countries is believed to be the reason behind the change of ambitions. The automaker also said the rollout of charging infrastructure had been slower than expected.

Volvo Cars Chief Executive Officer Jim Rowan said, "We are pragmatic and flexible, while retaining an industry-leading position on electrification and sustainability."

Among European automakers, Mercedes-Benz has also effectively scrapped its target of making all new vehicles electric by 2030.