Automakers that pushed back EV goals and plans in 2024
Published On Dec 27, 2024, 12:56 PM
Several major automakers have adjusted their electric vehicle (EV) goals due to sluggish consumer interest. General Motors reduced its 2024 EV production forecast from 300,000 to 250,000 units, while Toyota postponed its U.S. EV production plans to 2026 and adjusted its long-term output goals. Ford canceled an all-electric SUV and shifted to hybrids for part of its lineup, and Volvo announced it would maintain some hybrid production despite earlier all-electric plans. These changes reflect a growing consumer preference for hybrids and concerns over EV charging infrastructure.
Stock Forecasts
GM
Negative
The adjustments by automakers indicate a cautious approach to EV production targets amidst shifting consumer preferences. Companies are focusing more on hybrid vehicles, which could provide a safer revenue stream in the short term, but also signal potential challenges for the wider EV market.
TM
Negative
Toyota's shift in EV strategy could signal weakening demand for EVs in the consumer market and raises concerns about their future growth potential in the EV segment.
F
Negative
Though Ford is still investing in electrification, their pivot back to hybrids may hinder aggressive growth narratives in the EV market, impacting investor confidence in their electric future.
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