Automakers that pushed back EV goals and plans in 2024

December 27, 2024

Boyden Gray PLLC Partner Michael Buschbacher speaks with The Bottom Line about his concerns about electric vehicle mandates.

In response to weak consumer demand for EVs in the automotive market, several major automakers have adjusted their electric vehicle (EV) goals and scaled back their plans for 2024.

Automakers are not abandoning EVs and continue to view them as an important part of their product lines, but they are relaxing some of their previously announced EV production targets in response to consumer demand. , part of the operating plan was changed.

Car buyers have increased their interest in hybrid vehicles in recent years, with sales of hybrid vehicles growing faster than EVs in 2023, according to data from S&P Global Mobility.

According to a study published by J.D. Power in May 2024, consumers are slightly less likely to consider purchasing an EV compared to the previous year, and the main reason consumers are concerned is because charging stations are not available. It was impossible.

Over the past two years, consumer interest in EVs has declined slightly compared to hybrids. (Staff photo by Gregory Rec/Portland Press Herald via Getty Images / Getty Images)

Hybrid vehicle sales recover due to rapid increase in EV demand

Let's take a look at how some major automakers have changed their EV plans during 2024.

general motors

GM CEO Mary Barra said in July that the company plans to delay the Orion Assembly EV truck plant by six months to mid-2026 and introduce plug-in hybrid vehicles in 2027.

In July, GM lowered its EV production forecast for 2024 from the upper limit of 300,000 units to 250,000 units. Furthermore, the company did not reiterate its goal of increasing EV production capacity in North America to 1 million units by the end of 2025.

GM has changed some of its EV-related production targets. (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images)

Many US consumers are turning away from EVS due to lack of charging: report

toyota

According to a report from Reuters, the world's largest automaker announced in October that it would postpone its electric vehicle production plans in the United States until 2026, instead of the previous date of late 2025.

Nikkei Sangyo Shimbun reported in September that Toyota had also changed its plan to produce 1 million EVs in 2026, instead of the previously announced target of 1.5 million. Toyota said in a statement that it remains on track to produce 1.5 million EVs a year by 2026 and 3.5 million by 2030, but said the numbers are a benchmark, not a goal.

Volvo withdraws goal of producing only EVs in 2030

volvo

The Swedish carmaker announced in September that it was scrapping plans to go fully electric by 2030, as it still plans to build hybrid cars at that point.

The company said in a statement that it aims to have 90% to 100% of its global sales in 2030 comprised of fully electric EVs and plug-in hybrids, with 0% to 10% of the remaining lineup “in limited numbers. “It is possible to sell these products.” We plan to sell a mild hybrid model if necessary. ”

Volvo has scrapped plans to have an entire EV lineup by 2030. ((Photo by Beata Zawrzel/NurPhoto via Getty Images) / Getty Images)

ford

Ford announced in August that it was canceling production plans for an all-electric three-row SUV, opting instead to “utilize hybrid technology” in the Detroit-based automaker's next three-row SUV. The company announced in April that it would postpone the release of its new SUV from 2025 to 2027.

The company also updated its electrification strategy and North American vehicle roadmap, announcing plans to bring an all-electric commercial van to market in 2026 and two electric pickup trucks the following year.

Ford revised some of its production plans to take consumer demand into account. (Photo by Matt Cardy/Getty Images/Getty Images)

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bentley

The company announced in November that it was postponing plans to transition to an all-battery electric vehicle lineup from 2030 to 2035, adding that it would continue manufacturing plug-in hybrid vehicles until then.