Automakers that have backed away from their electric vehicle goals and plans in 2024

numerous Leading automobile manufacturers They adjusted their electric vehicle (EV) targets and scaled back their plans in 2024 in response to slowing consumer demand for EVs in the automotive market.

Automakers are not giving up on electric vehicles and continue to see them as an important part of their product line heading into the future, but they have eased some of their previously announced commitments. Electric vehicle production goals It changed some of its operational plans in response to consumer demand.

Car buyers have boosted their interest in hybrid vehicles in recent years, whose sales grew at a faster rate than electric vehicles 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 purchasing an electric vehicle than they had been the previous year, with the main reason for their concerns being the lack of availability of a charging station.

Hybrid car sales are accelerating as demand for electric cars declines

Here’s a look at how some leading automakers are changing their electric vehicle plans through 2024.

GM

General Motors CEO Mary Barra The company will postpone its Orion Assembly EV truck plant by six months until mid-2026, and that it plans to introduce plug-in hybrid vehicles in 2027, the company said in July.

In July, GM cut its expected 2024 electric vehicle production from a high forecast of 300,000 units to 250,000 units. It also declined to confirm the goal of reaching 1 million units of electric vehicle production capacity in North America by the end of 2025.

Many American consumers are turning away from electric vehicles due to lack of charging availability: report

Toyota

the The largest car maker in the world It announced in October that it would postpone its plans to build electric vehicles in the United States until 2026, after previously targeting late 2025, according to a report by Reuters.

Toyota also changed its plans to build 1 million electric vehicles in 2026 instead of the previously announced target of 1.5 million, the Nikkei business daily reported in September. Toyota said in a statement that it still plans to produce 1.5 million electric vehicles annually by 2026 and 3.5 million by 2030, but said the numbers are just benchmarks and not targets.

Volvo is backing away from its goal of making only electric vehicles in 2030

Volvo

The Swedish automaker announced in September that it would abandon its plan to go fully electric by 2030, as it still expects to be manufacturing hybrid cars at that time.

The company said in a statement that it now aims for between 90% and 100% of its global sales volume for 2030 to consist of fully electric cars and plug-in hybrid cars, while allowing for the remaining zero to 10% of its range in a “limited number”. Of the mild hybrid models that will be sold, if necessary.”

Ford

Ford announced in August it will scrap its plans to produce an all-electric three-row SUV, instead choosing to “leverage hybrid technologies” for the Detroit-based automaker’s next three-row SUV. The company had previously announced in April that it would postpone the launch of the new SUV from 2025 to 2027.

The company also updated its electrification strategy and vehicle roadmap in North America, announcing plans to bring an all-electric commercial truck to market in 2026 and a pair of electric pickup trucks the following year.

Get FOX Business on the go by clicking here

Bentley

The luxury automaker announced in November that it would postpone its plan to move to a range of battery-only electric vehicles from 2030 to 2035, adding that it would continue to manufacture hybrid vehicles until then.

Bentley plans To launch its first all-electric model – what it calls a “luxury urban SUV” – in 2026.

FOX Business’ Aislinn Murphy and Reuters contributed to this report.