It is reported that several foreign automakers, including Toyota, Ford, General Motors, and Volvo, have revised their electrification targets due to higher prices for electric vehicles compared to their fuel counterparts, ongoing consumer concerns, and anxiety about charging and range.
Toyota: Reduce 2026 EV Production Target by One-Third
As reported by Nikkei Business Daily on September 6, Toyota has cut its 2026 EV production target by one-third, from 1.5 million to 1 million units. Toyota’s EV sales in 2023 were only 104,000 units. However, Toyota has stated that its goal to produce 1.5 million BEVs annually by 2026 and 3.5 million BEVs annually by 2030 remains unchanged. Over the next three years, Toyota and Lexus plan to introduce ten new BEV models, including platform models and others evolving from the current e-TNGA architecture. Recently, Toyota also received subsidies from the Japanese government and will continue to advance the domestic power battery and EV industry in Japan, alongside Nissan and Panasonic.
Volvo: Abandon the Goal of Achieving 100% Electrification by 2030
Volvo announced on September 4 that it has abandoned its goal to achieve 100% electrification by 2030 and will instead offer a limited number of hybrid models. The current target is for 90-100% of new car sales to be BEVs or PHEVs by 2030, with up to 10% being mild hybrid vehicles.
Volkswagen: Adjust Battery Plant Plans with Market Demand
Volkswagen has been steadfast in its efforts towards electrification and digital transformation. Despite repeated warnings of demand slowdown, Volkswagen has not altered its 2030 target for BEVs, which is to account for 70% of European BEV sales and 50% in the U.S. and China. However, Volkswagen Group’s CTO Thomas Schmall stated in August that the group’s battery plant plans were not fixed but would depend on EV demand. The group’s 2021 goal was to build 240 GWh of power battery production capacity by 2030, with 200 GWh from its battery subsidiary PowerCo. Currently, the group’s planned capacity for its battery plants in Valencia (Spain), Ontario (Canada), and Salzgitter (Germany) is approximately 170 GWh.
Ford: Cut Capital Spending on BEVs, Prioritizes Hybrids and Economical EV Models
In August, Ford reduced its annual capital spending for BEVs from 40% to around 30%, reflecting a growing focus on hybrid vehicles. The company also announced it would cancel the planned three-row pure electric SUV and delay the new electric version of its best-selling pickup. Earlier in May, Ford indicated it was reconsidering its plan to sell only BEVs in Europe by 2030 due to underwhelming EV sales in the region.
Porsche: Downplay the Goal of Achieving 80% Electrification by 2030
In July, Porsche indicated it would not adhere to its previous goal of achieving 80% pure electric sales by 2030. The company’s electric vehicle targets will now adjust according to market demand and the overall industry’s electrification progress, with Porsche stating that, “The transition to electric cars is taking longer than we thought five years ago.”
Renault: Maintain Dual Strategy of EVs and ICE Vehicles
Renault’s CEO Luca De Meo had previously announced in early 2022 that all Renault brand sales in Europe would be BEVs by 2030. However, two years later, CEO Fabrice Cambolive revealed that the company’s goal had shifted to a dual strategy, considering offering both BEVs and ICE vehicles over the next decade, which means that sales of ICE vehicles could continue beyond 2030.
General Motors: Lower the Forecast for 2024 BEV Production
In June, General Motors reduced its forecast for 2024 BEV production and did not reaffirm its goal to produce 1 million BEVs in North America by the end of 2025.
Mercedes-Benz: Delay the Goal of Achieving 50% Electrification by 5 Years
Mercedes-Benz announced in February that it would not achieve its goal of having 50% of its total sales be electric vehicles (including hybrids) until 2030, a delay of five years from the 2021 plan. The company’s expected electrification rate this year is between 19-21%, and it has also slowed its battery production plans due to sluggish EV demand.
Bentley: Delay the Launch of Electric Model by One Year and Shift Focus to Plug-in Hybrid Model
Bentley had planned to launch its first pure electric vehicle by 2025 and to build a full BEV lineup by 2030. However, in March, its CEO Adrian Hallmark stated that the plan had been delayed to focus more on plug-in hybrid models, with all of Bentley’s fuel models to be offered as plug-in hybrids. The brand’s first electric vehicle is now expected in 2026, rather than the previously planned 2025.
Aston Martin: Delay the Launch of Electric Model by Two Years
In February, Aston Martin projected its first new-generation BEV would launch in 2026, instead of the previously planned 2025. Executive Chairman Lawrence Stroll stated, “The consumer demand (for BEVs), certainly at an Aston Martin price point, is not what we thought it was going to be two years ago.”
Source: WeChat Official Account—鑫椤锂电
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