Japanese automaker Toyota Motor is reportedly delaying its plans to begin assembling an electric vehicle in the U.S. in 2025-2026 in response to a market slowdown.
It is the latest in a string of announcements from automakers, including Porsche, Bentley, Aston Marton, Volkswagen, Apple, and Ineos, announcing that they are pushing back their EV plans in various markets as sales have not materialized as they had anticipated.
In recent years, the automotive industry has seemed to be accelerating toward an electric future. EVs have been hailed as the solution to mitigate climate change and reduce dependency on imported fossil fuels.
Technology enthusiasts embraced forward-thinking companies like Tesla, which promoted EVs as a status symbol as much as an environmental imperative.
Traditional automakers leapt on the bandwagon to avoid the risk of being left behind, and automakers like Ford, General Motors (GM), Toyota and Volkswagen announced plans to transition their model lineups entirely to electric.
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