In 2024, several major automakers adjusted their electric vehicle (EV) production targets and plans. This shift was primarily due to a slight decrease in consumer demand for EVs compared to the previous year. A study by J.D. Power found that the lack of charging station availability was the main reason for this dip in interest.
On the other hand, sales of hybrid vehicles grew at a faster rate than EV sales in 2023, according to data from S&P Global Mobility. General Motors postponed the opening of its Orion Assembly EV truck plant by six months to mid-2026. The company also lowered its projected EV output for 2024 from 300,000 units to 250,000 units.
Toyota announced it would delay its plans to build EVs in the U.S. until 2026. The company revised its plan to build 1 million EVs in 2026, reducing the target from the initially announced 1.5 million.
Automakers adjust EV timelines
Volvo, the Swedish automaker, announced it would no longer pursue an all-electric lineup by 2030. Instead, the company aims for 90% to 100% of its 2030 global sales volume to consist of fully electric EVs and plug-in hybrids. Ford revealed it would cancel plans to produce an all-electric three-row SUV, opting to “leverage hybrid technologies” for its next three-row SUV.
The company had initially planned to launch the new SUV in 2025 but has now delayed it to 2027. Luxury automaker Bentley pushed back its plan to transition to an exclusively battery-electric vehicle lineup from 2030 to 2035. The company will continue to manufacture plug-in hybrid vehicles until then.
Despite the slight dip in consumer interest, automakers are not abandoning their EV goals. They are adjusting timelines and production targets to better align with current market demands.
