Swedish automaker Volvo Cars on Wednesday abandoned its near-term goal of only selling electric vehicles, citing a need to be “pragmatic and flexible” amid changing market conditions and cooling demand.

Volvo Cars, which is owned by China’s Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said it’s long-term aim remains to become a fully electric carmaker.

However, the company announced that by 2030 it now aims for between 90%…