Askume, Sept 6 – Japan’s Toyota Motor (7203.T) has reportedly cut its 2026 electric vehicle production plan by a third .It is the latest automaker to withdraw plans for electric vehicles because of slowing demand.
According to data from market research company Row Motion , global sales of electric vehicles (whether pure electric or plug-in hybrids) grew by 20% in the first half of 2024, which was lower than expected. Europe grew by only 1% during the same period.
At the same time, sales of hybrid electric cars have also increased, which are seen as a more economical compromise between full combustion and full-electricity.
These automakers have recently lowered expectations (in chronological order, starting with the most recent):
Toyota (7203.T) :
The world’s largest automaker plans to produce 1 million electric vehicles in 2026, higher than its previously announced sales target of 1.5 million vehicles, the Daily Business Daily reported on Sept. 6.
Toyota said in a statement that there was no change in its plan to make 1.5 million electric vehicles per year by 2026 and 3.5 million electric vehicles per year by 2030. However, the company said these figures are not targets but benchmarks for shareholders.
Volvo Cars (VOLCARb.ST)
The Swedish automaker on Sept. 4 abandoned its goal of producing fully electric cars by 2030 and said it hopes to launch some hybrid models by then.
The goal is that by 2030, 90-100% of cars sold will be pure electric vehicles or plug-in hybrids, while up to 10% of cars will be so-called mild hybrids.
Volkswagen (VOWG_p.DE)
Despite repeated warnings of falling demand, Europe’s biggest automaker by sales said electric vehicles will account for 70% of sales in Europe and 50% in the United States and China. The 2030 target has not changed.
However, its group technology chief said in August that Volkswagen’s battery factory construction plan has not yet been determined and depends on demand for electric vehicles.
Ford (FN)
In response to its growing focus on hybrids, Ford in August cut its share of annual capital spending for pure electric vehicles to about 30% from 40%, and said it would abandon a planned electric SUV and focus on its latest electric version.
Porsche (P911_p.DE)
The German premium automaker launched its electric vehicle in July. The company has downplayed its ambitions, saying that only by increasing electric vehicle sales can it achieve its previously announced target of 80% pure electric sales by 2030. The needs and developments of the sector will allow this to happen.
Renault (RENA.PA)
In 2022, CEO Luca de Meo directed all sales of the Renault brand to be fully electric by 2030, but that goal changed two years later, with the brand’s CEO Fabrice Camboulive telling ANE that Renault was considering dual-fuel vehicles.
In July, De Meo sold all European production to EV. Some also expressed doubts about the timetable for the transfer .
General Motors (GMN)
In June, GM planned to launch electric vehicles in 2024. The company lowered its production forecast in July and expects North American electric vehicle production to reach 1 million units by the end of 2025. GM declined to reiterate its production forecast .
Mercedes-Benz (MBGN.DE)
The German luxury carmaker said in February that sales of electric vehicles, including hybrids , will reach 50% of total sales by 2030, five years later than the 2021 forecast .
Due to insufficient demand growth for EVs, the companyIt has also slowed down its battery production capacity plans .
Bentley
Bentley aims to launch a full-electric vehicle (EV) range by 2030, but then-chief executive Adrian Hallmark said in March that hybrids could still be sold after that.
Aston Martin
The British car manufacturerLaunched its first electric car in February amid sluggish demand. The launch was delayed.
