Boyden Gray PLLC Partner Michael Bushbacher discusses electric vehicle mandate concerns on The Bottom Line.
many Leading Automobile Manufacturers The auto market adjusted its electric vehicle (EV) targets and reduced plans in 2024 in response to sluggish consumer demand for EVs.
Automakers are not abandoning EVs and will continue to see them as an important part of their product lines in the future, but they have relaxed some of the previously announced conditions. EV production target And changed some of its operating plans in response to consumer demand.
Car buyers have increased their interest in hybrid vehicles in recent years, with sales of EVs expected to grow faster than EVs through 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 purchasing an EV than the previous year, with the leading reason for their apprehension being the lack of charging station availability.
Consumer interest in EVs compared to hybrids has declined slightly in the last two years. (Staff photo by Gregory Rake/Portland Press Herald via Getty Images/Getty Images)
Sales of hybrid vehicles are increasing due to increasing demand for EVs.
Here’s a look at how some major automakers have changed their EV plans through 2024.
General Motors
GM CEO Mary Barra The company said in July that it was pushing back its Orion assembly EV truck plant by six months to mid-2026 and that it planned to introduce a plug-in hybrid vehicle in 2027.
In July, GM cut its projected EV output for 2024 to 250,000 units from an upper-end projection of 300,000 units. It also declined to reiterate its target of 1 million units of EV production capacity in North America by the end of 2025.
GM shifted some of its EV-related production targets. (Photo by Paul Hennessy/SOPA Images/LightRocket via Getty Images/Getty Images)
Lack of charging availability is keeping many US consumers away from EVs: Report
toyota
The world’s largest automobile manufacturer It announced in October that it would postpone its plans to make EVs in the US to 2026, after previously aiming for the end of 2025, according to a Reuters report.
Nikkei Business Daily reported in September that Toyota had 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 planned 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.
Volvo changes target to make only EVs in 2030
volvo
The Swedish automaker announced in September that it would abandon its plans to go fully electric by 2030, as it still hoped to make hybrid vehicles at that time.
The company said in a statement that it now aims for 90% to 100% of its 2030 global sales to consist of fully electric EVs and plug-in hybrids, with the remaining zero to 10% of the lineup “for a limited number.” Will allow. “Mild hybrid models will be sold if needed.”
Volvo withdrew its plans for an all-EV lineup by 2030. ((Photo by Beata Zorzel/Nurfoto via Getty Images)/Getty Images)
ford
Ford announced In August it canceled 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 earlier 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 market in 2026 and a pair of electric pickup trucks the following year.
Ford revised some of its production plans in response to consumer demand. (Photo by Matt Cardy/Getty Images/Getty Images)
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Bentley
The luxury automaker announced in November that it would push back its plan to transition to only battery-electric vehicles from 2030 to 2035, and said it would continue to build plug-in hybrid vehicles until that time.
A Bentley Flying Spur hybrid vehicle. (Bentley/Fox News)
Bentley’s plan It will release its first full-electric model – which it is calling a “luxury urban SUV” – in 2026.
Fox Business’ Aislinn Murphy and Reuters contributed to this report.
