In a significant shift, Toyota Motor Corporation has slashed its electric vehicle (EV) production plans for 2026 by a third, according to a report by the Nikkei business daily. The world’s largest automaker now aims to produce 1 million EVs in 2026, down from its initial target of 1.5 million.
This move comes as the global EV market experiences a slowdown, prompting other major automakers like Volvo, Ford, and General Motors to reevaluate their electric car plans. Despite the reduction, Toyota’s revised target still represents an ambitious undertaking for the company, which has historically focused on developing hybrids.
In 2023, Toyota sold only about 104,000 EVs, accounting for a mere 1% of its global sales. The company’s decision to scale back its EV production plans may indicate a more cautious approach to the transitioning automotive market.
A spokesperson for Toyota has not yet commented on the Nikkei report. The news follows Volvo’s recent announcement that it will no longer aim to go all-electric by 2030, instead opting to maintain hybrid models in its lineup.
