Global automakers are abandoning their plans for vehicle electrification en masse: what we know
24 March 16:22
At least 12 global automakers are scaling back their electric vehicle production plans amid sustained demand for internal combustion engine vehicles and the rollback of policies supporting this transition in both the U.S. and Europe.
According to "Komersant Ukrainian", this was reported by the Financial Times.
Last week, Honda abandoned its plan to stop producing internal combustion engine vehicles by 2040 and forecasts losses of $16 billion over the next two years due to a revision of its electric vehicle strategy.
In addition, Mercedes-Benz, Ford, Stellantis, and Volvo Cars have scaled back their targets for producing fully electric vehicles.
Among luxury brands, BMW-owned Rolls-Royce has also changed course, announcing this week that it will continue producing cars with traditional engines beyond 2030.
It is noted that Bentley, Lotus, Audi, and Porsche have already scaled back plans to transition fully or 80% to electric vehicles over the next decade.
Volkswagen-owned Lamborghini has also recently abandoned its plan to release its first fully electric car, the Lanzador, by 2030.
Instead, this model will be a plug-in hybrid.
Since Donald Trump returned to power, the U.S. administration has eliminated federal tax credits for people purchasing electric vehicles, cut funding for charging infrastructure, and relaxed vehicle emissions targets.
The European Union has also relaxed its emissions targets.
Calculations by the Financial Times show that changes in electric vehicle strategies, including the cancellation of vehicle launches and investment plans, cost the global automotive industry at least $75 billion last year.
