Carmakers adjust electrification plans as EV demand slows
Recasts first paragraph; adds Stellantis in paragraph 6;
Sept 12 (Reuters) -Several global automakers are scaling down their electrification targets, hurt by slowing demand for fully electric vehicles due to lack of affordable models, slow roll-out of charging points, growing trade tensions and increased competition from cheaper Chinese rivals.
The global sales of EVs - either fully electric or plug-in hybrid - rose 20% in the first half of 2024, slower than expected, data from market research firm Rho Motion showed. Europe saw only 1% growth in the same period.
Sales of hybrid electric cars, seen as a more affordable compromise between all-combustion and all-electric, have meanwhile increased.
These carmakers have recently tempered their expectations (in chronological order starting with the most recent):
STELLANTIS STLAM.MI
Stellantis STLAM.MI said on Thursday it would suspend production of the fully electric Fiat 500 small car for four weeks due to sluggish demand.
TOYOTA 7203.T:
The world's biggest automaker plans to build 1 million EVs in 2026, compared with its earlier announced sales target of 1.5 million, the Nikkei business daily reported on Sept. 6.
Toyota said in a statement there was no change to its intention to produce 1.5 million EVs per year by 2026 and 3.5 million by 2030. It said, however, that the figures were not targets but benchmarks for shareholders.
VOLVO CARS VOLCARb.ST
The Swedish automaker scrapped on Sept. 4 its target of going all-electric by 2030 and said it expected to still be offering some hybrid models at that time.
It aims for 90% to 100% of cars sold by 2030 to be pure EVs or plug-in hybrids, while up to 10% would be so-called mild hybrids.
VOLKSWAGEN VOWG_p.DE
Europe's biggest automaker by sales hasn't changed its 2030 targets for EVs to make up 70% of sales in Europe and 50% in the U.S. and China, despite repeatedly warning about slowing demand.
However, its group technology chief said in August VW's battery factory building plans were not set in stone and depended on EV demand.
FORD F.N
Ford in August lowered the share of planned annual capital spending dedicated to pure EVs to about 30% from 40%, given its increasing emphasis on hybrids, and said it was killing a planned electric SUV and pushing back a new electric version of its best-selling pickup.
PORSCHE P911_p.DE
The German premium carmaker in July watered down its EV ambitions, saying it could only hit its previously communicated aim of 80% all-electric sales by 2030 if demand and developments in the EV sector warranted it.
RENAULT RENA.PA
In early 2022, CEO Luca De Meo guided for all the Renault brand's sales to be fully electric by 2030, but two years later the target was changed when the brand CEO Fabrice Cambolive said in an interview with ANE that Renault was seeing a dual strategy with both EVs and combustion-engine cars for the next 10 years, thus beyond 2030.
In July, De Meo also expressed doubts over the timeline for fully shifting its European production to EVs.
GENERAL MOTORS GM.N
In June, GM cut its EV production forecast for 2024 and in July it declined to reiterate its forecast to produce 1 million EVs in North America by the end of 2025.
MERCEDES-BENZ MBGn.DE
The German luxury carmaker said in February that sales of EVs, including hybrids, would account for up to 50% of the total by 2030, five years later than its forecast in 2021.
It has also slowed its battery cell capacity plans as the EV demand did not pick up.
BENTLEY MOTORS
Bentley had aimed for an all-EV lineup by 2030, but in March then-CEO Adrian Hallmark said hybrids would likely still be on sale after that.
ASTON MARTIN ALM.L
The British automaker in February delayed the launch of its first EV due to low demand.
Reporting by Andrey Sychev, Greta Rosen Fondahn, and Agnieszka Olenska in Gdansk; editing by Milla Nissi
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
