According to overseas media reports, due to the higher prices of electric vehicles (EVs) compared to equivalent gasoline cars, and the persistent anxiety among consumers regarding charging and range, several international automakers, including Toyota, Ford, General Motors, and Volvo, have all downgraded their previously set electrification targets.
Toyota: 2026 EV Production Target Reduced by One-Third
As reported by the Nikkei on September 6th, Toyota has reduced its EV production plan for 2026 by one-third, from 1.5 million units to 1 million units. Toyota's EV sales in 2023 were only 104,000 units. However, Toyota stated to the media that its established target of producing 1.5 million Battery Electric Vehicles (BEVs) annually by 2026 and 3.5 million BEVs annually by 2030 remains unchanged. Over the next three years, Toyota and Lexus plan to add 10 new BEV models, including models on new platforms and other models on the evolved current e-TNGA architecture. Recently, Toyota also received subsidies from the Japanese government to continue promoting the development of the domestic power battery and EV industry alongside Nissan and Panasonic.
Volvo: Won’t be 100% Electrified by 2030
The automaker announced on September 4th that it has abandoned its goal of achieving 100% electrification by 2030 and stated that it expects to still offer a small number of hybrid models by that time. The current target is for 90-100% of new car sales to be BEVs or Plug-in Hybrid Electric Vehicles (PHEVs) by 2030, with up to 10% being mild hybrid vehicles.
Volkswagen: Battery Factory Plans to be Adjusted Accordingly
Volkswagen has been steadfastly undergoing electric and digital transformation. Despite repeated warnings of slowing demand, Volkswagen has not changed its 2030 target for BEVs to account for 70% of sales in Europe and 50% in the United States and China. However, according to media reports, Thomas Schmall, the group's head of technology, stated in August that the Volkswagen Group's battery factory plans are not set in stone but depend on EV demand. The Volkswagen Group proposed a 240 GWh power battery production capacity by 2030 in 2021, with 200 GWh to be built by its battery subsidiary PowerCo. Currently, the combined capacity planning of the group's three battery factories in Valencia, Spain; Ontario, Canada; and Salzgitter, Germany, is about 170 GWh.
Ford: to Reduce Capital Expenditure for BEVs, with priority on Hybrids and Affordable EVs
As Ford places increasing emphasis on hybrid vehicles, in August, it reduced the annual capital expenditure share specifically for BEVs from 40% to about 30% and stated that it will cancel the planned three-row BEV SUV and delay the new electric version of its best-selling pickup. In May of this year, the American automaker stated that due to the lack of EV sales takeoff in the region, the company is reconsidering its plan to sell only BEVs in Europe by 2030.
Porsche: De-emphasizes 80% Electrification Target by 2030
The high-end luxury brand indicated in July that it would not insist on its previously stated goal of achieving 80% pure electric sales by 2030. Its EV targets will be adjusted according to the market demand for EVs and the overall industry's electrification development. It stated to the media, "The transition to electric cars is taking longer than we thought five years ago."
Renault: Adhering to Dual Strategy of EVs and ICEs
As early as the beginning of 2022, Luca De Meo, CEO of the Renault brand, stated that all sales of the Renault brand in Europe would be BEVs by 2030. However, two years later, when CEO Fabrice Cambolive stated to the media that the group's target had changed, it is considering a dual strategy of offering both BEVs and ICE cars over the next decade, meaning that the sale of gasoline cars may continue beyond 2030.
General Motors: Downscale 2024 EV Production Forecast
In June, General Motors downgraded its BEV production forecast for 2024 and in July refrained from reiterating its goal of producing 1 million BEVs in North America by the end of 2025. General Motors has also postponed investment in the battery joint venture with Samsung SDI and delayed the lithium business in Lithium Americas recently.
Mercedes-Benz: 50% Electrification Target Postponed Five Years
The automaker stated in February that the sales of EVs, including hybrid vehicles, will account for 50% of total sales by 2030, which is a full five years later than the plan proposed in 2021 to achieve this target by 2025. The company's electrification rate this year is expected to be between 19-21%, and due to the lack of EV demand recovery, the company has also slowed down its battery capacity plans.
Bentley: EV Model Delayed and Shifting from BEV to Hybrid
The Volkswagen-owned luxury brand had planned to launch its first BEV model by 2025 and to achieve a full BEV lineup by 2030 at a rate of four pure electric models per year. However, in March, then-CEO Adrian Hallmark stated to the media that the plan had been delayed to focus more on plug-in hybrid models, with all gasoline models to be offered as plug-in hybrids. The brand's first electric model is expected to be launched in 2026 instead of the previously planned 2025.
Aston Martin: EV Model Delayed by Two Years
The automaker stated in February that it expects to launch its first new-generation BEV in 2026, a year later than previously planned. Executive Chairman Lawrence Stroll stated to the media at the time, that the demand for BEVs is different from what expected two years ago. for a brand at Aston Martin price point.
