Several leading automakers adjusted their electric vehicle (EV) goals and scaled back plans in 2024 as a response to sluggish consumer demand for EVs in the auto market.
Automakers aren’t abandoning EVs and continue to see them as an important part of their product line heading into the future, but have eased some of their previously announced EV production targets and altered some of their operational plans in response to consumer demand.
Carbuyers have stepped up their interest in hybrid vehicles in recent years, sales of which grew at a faster clip than EVs in 2023, according to data from S&P Global Mobility.
A study released in May 2024 by J.D. Power found that consumers were slightly less likely to consider buying an EV than they were in the prior year, with the leading reason for their apprehension being the lack of charging station availability.
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Here’s a look at how some leading automakers have shifted their EV plans during 2024.
General Motors
GM CEO Mary Barra said in July that the company was pushing back its Orion Assembly EV truck plant by six months until mid-2026 and that it plans to introduce plug-in hybrid vehicles in 2027.
In July, GM lowered its projected EV output for 2024 from an upper-end projection of 300,000 units to 250,000 units. It also declined to reiterate a target of 1 million units of EV production capacity in North America by the end of 2025.
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Toyota
The world’s largest automaker announced in October that it would postpone its plans to build EVs in the U.S. until 2026, after previously targeting late 2025, according to a report by Reuters.
The Nikkei business daily reported in September that Toyota also shifted plans to build 1 million EVs in 2026 instead of a previously announced target of 1.5 million. Toyota said in a statement that it still plans to make 1.5 million EVs per year by 2026 and 3.5 million by 2030, but said the figures were benchmarks rather than targets.
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Volvo
The Swedish automaker announced in September that it would drop its plan to go all-electric by 2030, as it still expects to be making hybrid vehicles at that time.
The company said in a statement that it’s now aiming for 90% to 100% of its 2030 global sales volume to consist of fully electric EVs and plug-in hybrids, with the remaining zero to 10% of its lineup allowing “for a limited number of mild hybrid models to be sold, if needed.”
Ford
Ford announced in August that it would cancel plans to produce an all-electric three-row SUV, instead opting to “leverage hybrid technologies” for the Detroit-based automaker’s next three-row SUV. The company had previously announced in April that it would delay the launch of the 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 the market in 2026 and a pair of electric pickup trucks the following year.
Bentley
The luxury automaker announced in November that it would push back its plan to transition to a lineup of only battery-electric vehicles from 2030 to 2035, adding that it will continue to manufacture plug-in hybrid vehicles until that time.
Bentley plans to release its first fully-electric model – what it’s calling a “Luxury Urban SUV” – in 2026.
FOX Business’ Aislinn Murphy and Reuters contributed to this report.
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