Posted on 09/06/2024 7:43:53 AM PDT by SeekAndFind
NAGOYA -- Toyota Motor plans to significantly slow its production of electric vehicles, cutting its global output forecast for 2026 to 1 million cars, some 30% lower than the previously announced sales forecast for the same year, Nikkei has learned.
The Japanese automaker's decision to cut EV production was prompted by the slowdown in the global EV market. Toyota has notified its parts suppliers of the decision.
It’s not only Toyota, but all other major car makers as well.
See here:
[EXCERPT]
Japan’s Toyota Motor (7203.T) has reportedly slashed its electric vehicle production plans for 2026 by a third, the latest automaker to roll back EV plans amid slowing demand.
The global sales of EVs - either fully electric or plug-in hybrid - rose 20% in the first half of 2024, slower than expected, data, opens new tab 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):
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 90-100% 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 the 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.
You didn’t need to be Nostradamus to see this coming. Every single auto manufacturer that ramped up EV production didn’t come close to hitting sales targets and lost a fortune. The entire market will collapse when the government subsidies go away.
Fortunately for Toyota, they never got “all in”, and was one of the few corporate entities publicly doubting the possibility of forcing EV dominance even with government regulation.
A million too many.
I thought I had remembered reading some time back that Toyota was simply opting out of producing EV and concentrating on ICE.
Certainly made me respect Toyota.
You forgot to mention China.
In 2023, China produced 9.5 million EVs, accounting for nearly 70% of global EV sales. In 2024, China is expected to produce 26.8 million EVs, which is 21% of global production.
After the miserably managed and regulated (see VW) Western efforts fold, Chicom EVs will be like Model Ts a hundred years ago.
Just watch the next big thing will be Hybrids and crappy Hybrids ,LOL
Not just that-there are a lot of subterranean issues with EV, even beyond the obvious charging issues of availability, time-to-charge, and range.
There are insurance issues. If you go over a curb in one of those and damage the underside, the car can be totaled. Simply due to the cost of the battery being such a huge component of the total cost. It is insane.
Plus the fires. There are already places that won’t allow you to park cars in garages, take the cars on ferries, or when being repaired by a mechanic, have to be kept separate from the facility and other cars due to the fire hazard, never mind your homeowners insurance that is going to go up if you are garaging an EV in your house.
This imbecilic push to mandate EV only is absolute madness.
1. Make the product attractive.
2. Make all alternative products unavailable.
When it comes to EVs, option #1 has obviously failed. People don’t want ‘em. But I doubt if the fascist greenies will give up. They’ll just look at option #2 and find ways to limit, then outlaw gasoline vehicles.
This fight is unfortunately not over.
China is actually building power plants, while the west is hellbent on making our power production dwindle. EV’s make little sense in the U.S. except for particular uses cases (of which my wife and are in and, therefore, we’re quite happy doing most of our driving in the EV).
The ban is only for when these crazy politicians are in power
Lots of buyers remorse at the charging stations, stoic faces sitting in their cars watching the meter go round and around.
I worked on the early Toyota Prius hybrid. The electric part was just auxiliary electric power only. It helped the gas engine a little, but gave good mileage & the battery was charged automatically going down the road. The gas engine was the main power source.
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