The spike in Tesla’s share prices in 2021 – eventually valuing the electric car maker past one trillion dollars – triggered an unprecedented wave of optimism towards EVs among the boardrooms of global car companies.
With the financial markets rewarding bold strategies that involved an early exit from combustion engines, car companies were happy to set bold targets.
Brands including Bentley, Cadillac, Ford, Lexus, Mercedes-Benz, Vauxhall and Volvo all laid out plans to go electric-only within the decade, either globally or within the more promising-looking markets, such as Europe.
Perhaps predictably, the sugar highs of the post-Covid EV stock market have now crashed back, as stakeholders are faced with the reality that EV sales growth is proving far lumpier than dreamed in those heady days.
No brand can afford to take the foot off the accelerator when it comes to EV development, however. As it currently stands, the ZEV mandate targets in the UK require an EV sales mix of 80% by 2030, while the EU requires a 55% drop in average CO2 from 2021 levels.
As more companies row back on original promises while making sure they don't fall fall of the regulations, we take a look at where the major players stand now.
Brands whose plans have slipped
Ford
Ford committed in June 2021 to go all-EV in Europe by 2030 following the announcement that it would invest $1 billion in its Cologne plant, which has now begun production of the Explorer electric SUV.
This year, however, Ford said it wasn’t beholden to the date and would be open to selling hybrids past 2030. “If we see strong demand for instance for plug-in hybrid vehicles, we are going to offer them,” then Ford of Europe boss Martin Sander said in July.
Volvo
Volvo promised in 2021 it would shift to all EVs globally by 2030, with half of all sales moving to EV by 2025.
The Geely-owned company is proving better placed then most to make the shift, but earlier this month CEO Jim Rowan admitted that the 2030 might be more like 90%. “It is clear that the transition to electrification will not be linear,” he said.
Bentley
Bentley was one of the first to commit to an all-EV future after 2030 back in 2020, but the Volkswagen Group brand has suffered setbacks in the launch of its first EV, now scheduled for deliveries in late 2026.
Earlier this year, it backed away from its 2030 target, promising instead to focus on plug-in hybrids as a bridge to EVs.
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