Toyota, the Japanese giant will also produce fewer electric cars

Toyota scales back electric car plans

Never before in this historical period has the international car market been evolving with lights but also many shadows, especially in the Eurozone. An example of this suffering is Germany.. For the first time in its history, Volkswagen is considering closing two factories in the country. Something unimaginable just a few years ago, but the problems of profitability and low activity in its factories, after the outbreak of the pandemic, are too serious. And Italy, on this front, is no exception and seems to be looking for new Asian investors who can make up for the continuous withdrawals of Stellantis. In all this revolution, which worries governments and unions, the electric car market remains, for better or for worse, always a protagonist.

Toyota, many competitors also scale down their “dreams” about electric

Many car manufacturers, which have started off with a bang in electric production, now have to revise their targets downwards in light of the parking lots full of unsold electric cars. The latest among the car giants to scale back its dreams was Toyota. The Group has reduced its production targets for electric cars by a third by 2026. Cars produced in the next two years will “only” reach one million units. But if on the one hand objectives and investments are reduced, on the other hand the Japanese company is putting significant budgets on batteries. It has in fact announced that the Japanese government has given the green light to the production, from 2026, of new generation batteries, “solid state batteries”. And as often happens in Asia (China and Japan in particular) the Government has promised 2,400 million dollars to support the production of batteries in the country. These latest generation batteries promise wonders. Among these are the greater autonomy of the vehicles, the decrease in the price for each single battery and the extension of the useful life, this last aspect a real “godsend” for the environment. Only two other groups are working on similar projects, the Americans of Factorial and the Chinese of WeLion.

Toyota, Volvo and Mercedes also slow down

And the dreams of electric cars for everyone are starting to fade. In addition to Wolskwagen, the Swedish company Volvo has also decided to take a step back on its promise to sell only electric cars by 2030. Earlier this week, in fact, the Swedish Volvo had said it would give up its goal of selling only electric cars by 2030. Another giant that has stepped back is Mercedes Benz, which has postponed its goal of selling 50% of its production only in electric, from 2025 to 2030. And, aware of this slowdown, governments are also taking action. In particular, the German government has intervened by providing companies with the possibility of a deduction of up to 40% of the value of an electric car. In short, before, the big players in the car industry had bet, perhaps too eagerly, on the electric car boom. Only a few years ago, everyone was betting on it with their eyes closed. Now, in light of the “limping” trends, the big car manufacturers seem to no longer be so convinced and are quickly slowing down so as not to risk going bust in a few years.