Latest carmaker to scale back its EV ambitions amid slowing sales

[webfact]

  

The world’s largest automaker now plans to produce only 1 million EVs in 2026, down from the previously announced target of 1.5 million units.

Toyota Motor, the Japanese automotive giant, has revised its electric vehicle (EV) production plans for 2026, reducing its original target by one-third, according to a report by Nikkei Business, September 8. Toyota is the latest carmaker to scale back its EV ambitions amid slowing EV sales.

The world’s largest automaker now plans to produce only 1 million EVs in 2026, down from the previously announced target of 1.5 million units. Despite the reduction, Toyota clarified that its commitment to reaching 1.5 million EVs annually by 2026 and 3.5 million by 2030 remains unchanged, emphasizing that these numbers are benchmarks for shareholders rather than fixed goals.

 

By Pattaya Mail

 

Full story: Pattaya Mail 

-- 2024-09-09

 

 

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[OneMoreFarang]

555

 

It's good to see that the industry realigns with reality.

 

[edwinchester]

Toyota have really screwed themselves the last decade letting the dinosaurs continue running the company.

[impulse]

14 minutes ago, edwinchester said:

Toyota have really screwed themselves the last decade letting the dinosaurs continue running the company.

 

The problem, of course, is that the majority of their customers are dinosaurs, too. 

 

Not much good can come of building more EV's than they can sell at a price where they can make a profit.

 

[redwood1]

EVs are stupid.....They can hardly give them away...

[lordgrinz]

Just wait until they make up more than 50% of the market, until then it's just a fad. By the time I buy one they will be better built, lighter, faster charging, easy to charge, and inexpensive.

[JBChiangRai]

You can buy the Toyota b_Z4x in Thailand or you can spend considerably less than half as much and get a superior car with the BYD Atto 3.

 

Nobody wants a Toyota EV, their Thai sales numbers are appalling.

[hotchilli]

2 hours ago, redwood1 said:

EVs are stupid.....They can hardly give them away...

I have several close neigbours who now drive EV's, not one of them have said it's a decision that they now regret.

[gargamon]

4 minutes ago, hotchilli said:

I have several close neigbours who now drive EV's, not one of them have said it's a decision that they now regret.

Nobody is ever going to say their million plus baht expenditure on an EV, or anything else for that matter, was a mistake.

 

Worldwide trends show EV demand is cratering and the much more versatile plug in hybrid is taking the lead.

[JBChiangRai]

49 minutes ago, gargamon said:

Nobody is ever going to say their million plus baht expenditure on an EV, or anything else for that matter, was a mistake.

 

Worldwide trends show EV demand is cratering and the much more versatile plug in hybrid is taking the lead.

 

Nonsense.

[Mr Meeseeks]

Nearly all new cars in my moo baan are Chinese EVs. BYD, Ora and Deepal mostly. 

 

Toyota have missed the boat on the EV revolution and are now so far behind the Chinese that their sales have slumped.

 

See: Subaru, Honda, Mitsubishi etc.

[Phil1964]

The price of some EV models on UK car supermarket's websites are plummeting showing just how slow new sales are, and the unrealistic price points, eg: Vauxhall's EV Mocha range are now being offered for nearly 50% of their list price, (£20k - £22k GBP v £38k to £44k depending on model spec), on CarWow. Main dealers still trying it on with their higher unrealistic pricing however. Kindof shows how parlous and unrealistic the industry is, outside of the company car market??

 

[josephbloggs]

22 minutes ago, Mr Meeseeks said:

Nearly all new cars in my moo baan are Chinese EVs. BYD, Ora and Deepal mostly. 

 

Toyota have missed the boat on the EV revolution and are now so far behind the Chinese that their sales have slumped.

 

See: Subaru, Honda, Mitsubishi etc.

Yep. Just in my soi in my moo ban there are three Attos, one Ora 07 (ugh), two Seals, and a Dolphin.

The EV bashers see the article as EVs failing. Those who aren't rabidly anti-Chinese can se that it is only a slump in Toyota's overpriced rubbish (and other Japanese marques). Years and years behind the Chinese and they simply can't compete.

They were so arrogant they ignored EVs until it was too late and their backup plan was to spend hundreds of millions on anti-EV propaganda.

[JBChiangRai]

27 minutes ago, Phil1964 said:

The price of some EV models on UK car supermarket's websites are plummeting showing just how slow new sales are, and the unrealistic price points, eg: Vauxhall's EV Mocha range are now being offered for nearly 50% of their list price, (£20k - £22k GBP v £38k to £44k depending on model spec), on CarWow. Main dealers still trying it on with their higher unrealistic pricing however. Kindof shows how parlous and unrealistic the industry is, outside of the company car market??

 

 

Except you're wrong.  Demand is accelerating in the UK.

 

August's sales figures released last week show that for the first time EV's grew to take a 23% market share in the UK.

 

Market share in August reached 22.6%, the highest for a month since December 2022, when BEVs commanded 32.9% of all new cars reaching the road

 

August 2024 New Car Registrations - SMMT Media Centre

[retarius]

4 hours ago, hotchilli said:

I have several close neigbours who now drive EV's, not one of them have said it's a decision that they now regret.

Funny, I don't know anyone who has one. Maybe our generally older age group is more cautious...late adopters.

[retarius]

2 hours ago, JBChiangRai said:

 

Except you're wrong.  Demand is accelerating in the UK.

 

August's sales figures released last week show that for the first time EV's grew to take a 23% market share in the UK.

 

Market share in August reached 22.6%, the highest for a month since December 2022, when BEVs commanded 32.9% of all new cars reaching the road

 

August 2024 New Car Registrations - SMMT Media Centre

One month does not a summer make. One country does not a global market make. All major companies are scaling back their EV plans. Why, is it because the market is accelerating so much? No it is because it is dying on its feet and sellers can't get rid of used cars....no one wants them. 

[JBChiangRai]

1 hour ago, retarius said:

One month does not a summer make. One country does not a global market make. All major companies are scaling back their EV plans. Why, is it because the market is accelerating so much? No it is because it is dying on its feet and sellers can't get rid of used cars....no one wants them. 

 

 

It is complete rubbish to say all major car companies are scaling back their EV plans.

 

Change that statement to "many major car companies that can't compete with Chinese manufacturers are scaling back their EV plans." and we're getting nearer the truth.

 

Now ask why?

 

Is it because people don't like EV's?  No, that can't be it because EV demand is growing month on month all over the world.

 

Is it because their EV's are more expensive than Chinese EV's? Yes, that's one of the reasons.

 

Is it because their technology is not as advanced as Chinese EV's? Yes that is another of the reasons.

 

Is it because they have to buy their batteries from Chinese companies? Yes, that is another of the reasons.

 

Next year's, Toyota & Mercedes EV's will have BYD batteries.

[rocketboy2]

9 hours ago, redwood1 said:

EVs are stupid.....They can hardly give them away...

 

I'm, waiting for the buy one, get one deal. 

It can't be far away.

[DDIM]

Was told that in the UK the second hand EV market has tanked and several large dealerships, including Arnold Clark won’t take them in as trade ins.

[Andrew Dwyer]

While the headline might be true it fails to mention the real reason Toyota are scaling back their EV production.

The truth is Toyota put all their efforts into the bz4x which is a very poor product, overpriced, underpowered and with no new technology or ideas. Likewise with the other Japanese legacy auto giant Honda who also produced a very poor EV product in the  e:Ny1 a reincarnation of the latest HRV with a battery strapped underneath and using age old technology in its drab interior.

Expect a similar misleading headline from Honda in the near future.

 

Both these giant automotive companies underestimated the Chinese and allowed them to forge ahead in technology, performance and price with quality vehicles and have only themselves to blame. Toyota in particular constantly stated that EV’s would not be popular and engaged their focus on a smear campaign, how wrong they were.

[Stargeezr]

In Canada, being a large country, EVs are good for an in town, or in city vehicle.

  Until they can go over 1000 kms with the AC or heater on, I will never buy one.

Another reason is that Canada does not have enough charging stations built yet.

I imagine that Thailand is the same, as there are a lot of people in that country, and can they

all get their car charged when they are away from their homes?  I am glad to see the factories, and companies are

backing off their production. If the countries do not have the infrastructures ready for EVs, then

it is foolish to keep building these espensive vehicles.  I am not a fan of car fires as well.

 

[gargamon]

7 hours ago, Stargeezr said:

In Canada, being a large country, EVs are good for an in town, or in city vehicle.

  Until they can go over 1000 kms with the AC or heater on, I will never buy one.

Another reason is that Canada does not have enough charging stations built yet.

I imagine that Thailand is the same, as there are a lot of people in that country, and can they

all get their car charged when they are away from their homes?  I am glad to see the factories, and companies are

backing off their production. If the countries do not have the infrastructures ready for EVs, then

it is foolish to keep building these espensive vehicles.  I am not a fan of car fires as well.

 

And they don't charge very well in the cold. 

[Eloquent pilgrim]

The consumers are speaking, and it is happening worldwide; the EV market in the UK is in utter chaos, but still the deniers cling to their delusions 

[bkk6060]

Dead cars for Woke thinkers.  Bring back full big gas powered slick cars.

[Crossy]

A post contravening the Forum Community Standards has been removed.

[Henryford]

16 hours ago, hotchilli said:

I have several close neigbours who now drive EV's, not one of them have said it's a decision that they now regret.

 

Wait till they try to sell it and get 90% depreciation

[soalbundy]

19 hours ago, lordgrinz said:

Just wait until they make up more than 50% of the market, until then it's just a fad. By the time I buy one they will be better built, lighter, faster charging, easy to charge, and inexpensive.

I don't think EV's are the way forward, if every driver had one the grid couldn't handle it. There are alternatives in the making with hydrogen engines being one of them.

[thaibeachlovers]

17 hours ago, hotchilli said:

I have several close neigbours who now drive EV's, not one of them have said it's a decision that they now regret.

Wait till they try to sell them.

[thaibeachlovers]

1 minute ago, soalbundy said:

I don't think EV's are the way forward, if every driver had one the grid couldn't handle it. There are alternatives in the making with hydrogen engines being one of them.

I've been banging the hydrogen drum as long as EVs have been on the agenda.

All the benefits of a non polluting vehicle with none of the down sides of EVs.

 

IMO EVs are going the way of Beta VDO machines.

[hotchilli]

12 minutes ago, Henryford said:

 

Wait till they try to sell it and get 90% depreciation

Secondhand car values in Thailand are never that low, they are crazy high