Toyota Motor Corp. has slashed its electric vehicle production plans for 2026 by a third, to become the latest automaker to roll back electric car plans as EV sales momentum fades.
It was gathered that Toyota is expected to build 1 million EVs in 2026 instead of 1.5 million as other automakers scaled back EV plans due to slow sales, according to a Japanese newspaper.
Toyota, the world’s biggest automaker, now plans to build one million EVs in 2026, compared with the company’s earlier announced sales target of 1.5 million.
Meanwhile, Toyota said in a statement that there was no change to its intention to produce 1.5 million EVs per year by 2026 and 3.5 million by 2030.
It however said that the figures were not targets but benchmarks for shareholders.
Read also: Toyota stops production, recalls 2024 Grand Highlander
The goal represents an ambitious undertaking for Toyota, which has put far more effort into developing hybrids and sold only about 104,000 EVs last year. EVs currently account for about 1 percent of its global sales.
Earlier, Volvo scrapped its target of going all-electric by 2030, saying it expects to still be offering some hybrid models in its lineup at that time.
In the U.S., Ford, General Motors and other automakers have delayed or canceled new electric models to avoid spending heavily on vehicles that consumers are not buying as quickly as anticipated.
In Europe, Toyota sells only the bZ4X midsize SUV as a full-electric model. Sales through July were about 15,000, according to figures from Dataforce.
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