Sept 12 (Askume) – A lack of affordable models, a slow rollout of charging stations, rising trade tensions and increasing competition from cheaper Chinese rivals have hit demand for battery-electric vehicles, with many global automakers lowering their electrification targets.
Data from market research company Row Motion shows that global sales of electric vehicles (whether pure electric or plug-in hybrid) grew 20% in the first half of 2024, which is 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):
Slantis (STLAM.MI)
Stellantis (STLAM.MI) said on Thursday it would halt production of its all-electric Fiat 500 small car for four weeks due to low demand.
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, according to a report by the Daily Business Daily on September 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% to 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 the growing focus on hybrids, Ford in August cut the share of its annual capital spending plan for pure electric vehicles to about 30% from 40%, and said it would abandon a planned electric SUV in favor of its latest model electric car.
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 must match this.
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
British car manufacturersThe February launch of its first electric car has been delayed.
