Carmakers adjust electrification plans as EV demand slows

Carmakers adjust electrification plans as EV demand slows

Automakers, including Toyota, are adjusting their electric vehicle (EV) production targets due to slowing demand. Global EV sales only rose 20% in the first half of 2024, lower than expected. Toyota has reduced its 2026 EV production plan by a third. Other major automakers like Volvo, Volkswagen, Ford, Porsche, Renault, General Motors, Mercedes-Benz, Bentley Motors,…

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