According to the latest report from Toyota from Japan, the company has cut its electric vehicle production plan for 2026 by one-third. This is considered the latest move to cut electric vehicle production by a major automaker in the context of the recent slowdown in demand for electric vehicles.
It is known that global electric vehicle sales, including pure electric vehicles and plug-in hybrids, increased by 20% in the first half of 2024. According to data from market research firm Rho Motion, this figure shows a slower pace than expected when the European region only grew by 1% over the same period. Meanwhile, hybrid vehicle sales have increased significantly.
Below are the automakers that have lowered expectations for electric vehicles, the time series from the nearest to the oldest.
Toyota
According to Nikkei on September 6, the world's largest Japanese automaker has adjusted its production plan to produce 1 million electric vehicles by 2026, compared to the previously announced target of 1.5 million vehicles.
Previously, Toyota announced that there would be no changes to the plan to produce 1.5 million electric vehicles per year by 2026, and 3.5 million vehicles by 2030. However, the company said these figures are not targets, but are the standard for shareholders.
Volvo
Currently, the Swedish automaker - Volvo has canceled its goal of switching to completely electric vehicle production by 2030. At the same time, the company said it would still offer some hybrid models at that time. Previously, Volvo had set a target of 90% - 100% of cars sold by 2030 being pure electric or plug-in hybrids, 10% being light hybrids (mild-hybrid).
Volkswagen
For Volkswagen - Europe's largest automaker still maintains the goal of electric vehicles accounting for 70% of sales in Europe and 50% in the US and China by 2030. Although the company has previously reported many times that the demand for electric vehicles is slowing down.
However, in August, the group's technology director said that the plan to build Volkswagen's battery factory had not been finalized, as this depended on the demand for electric vehicles.
Ford
Also in August, Ford lowered its annual capital expenditure ratio according to the plan for pure electric vehicles from 40% to 30%, focusing on the hybrid vehicle segment. The company said it will cancel its electric SUV production plan and postpone the launch of an electric version of its best-selling pickup truck.
Porsche
The German luxury carmaker lowered its ambition for electric vehicles in July. Porsche said it could only achieve the goal of 80% of sales of pure electric vehicles by 2030 if demand and development in the electric vehicle sector ensure that.
Renault
In early 2022, CEO Renault - Luca De Meo directed that all of the company's sales would be completely electric vehicles by 2030. But that goal has now changed as brand CEO Fabrice Cambolive said Renault will pursue a dual strategy for both electric and internal combustion vehicles in the next 10 years, after 2030.
Previously, in July 2024, De Meo said he was uncertain about the timeline for a complete transition of production to electric vehicles in Europe.
General Motors (GM)
In June 2024, GM cut its electric vehicle production forecast for 2024, and in July, the company also refused to reinterview its forecast of producing one million electric vehicles in North America by the end of 2025.
Mercedes
In February 2024, the German luxury carmaker said that electric vehicle sales, including hybrid vehicles, will account for 50% of the total by 2030, five years behind the company's forecast in 2021.
The company has also postponed plans to increase vehicle battery capacity, as demand for electric vehicles has not increased.
Bentley
Bentley has set a target of only producing pure electric vehicles by 2030, but in March, CEO Adrian Hallmark said that hybrid vehicles are likely to be sold after that time Aston Martin.
The British automaker has postponed the launch of its first electric vehicle in February 2024 due to low demand.
