Electric cars, the transition is changing: brands are backtracking | FormulaPassion.it

The transition to electric mobility has suffered a major setback in recent months. Several global car manufacturers are in fact scaling back their electrification goals, due to the slowdown in EV demand, also due to the lack of models with a price considered accessible. In addition to this factor, there are also the slow development of charging points, growing trade tensions, in particular competition from Chinese rivals offering cheaper cars.

Sales down

Global sales of electric vehicles, both full EVs and plug-in hybrids, rose 20% in the first half of 2024, slower than expected, data from market research firm Rho Motion showed, citing the international news agency. Reuters. Europe saw just 1% growth over the same period. Meanwhile, sales of hybrid electric cars, seen as a cheaper compromise between combustion and electric, have increased.

Brands’ electric car strategies

In the meantime, however, many car manufacturers have revised their electrification programs. Stellantis, for example, explained that it would suspend production of the small, fully electric Fiat 500 for four weeks due to slow demand. Toyota, on the other hand, lowered its estimates for the production of electric vehicles by 2026, lowering it to 1 million from the 1.5 million units initially planned. There have been no changes to long-term objectives, although the Japanese brand has stressed that each target is only a reference for shareholders. Volo, for its part, will no longer be an all-electric car brand by 2030, stating that it will continue to produce hybrid vehicles with the goal of reaching 90% of cars sold by 2030 between EVs and plug-in hybrids, while up to 10% will be mild-hybrid. Finally, there are also those who go against the trend like Volkswagen, which has not changed its objectives for 2030, with the target of 70% of sales in Europe and 50% in the United States and China of electric vehicles despite the difficulties that are leading the German giant to also think about layoffs and factory closures in Germany.