Toyota has cut its electric vehicle production target by a third through 2026 amid a slump in global demand.
Toyota has reduced its 2026 electric vehicle production target by one-third, from 1.5 million to 1 million units, amid declining EV sales momentum.
Japan's Toyota Motor has cut its electric vehicle production plans for 2026 by a third, according to the Nikkei business daily. This reduction reflects a broader trend of automakers scaling back on EV initiatives as sales momentum slows. Toyota now aims to produce 1 million EVs in 2026, down from the previously announced target of 1.5 million. Despite this adjustment, Toyota maintains that its goal of producing 1.5 million EVs annually by 2026 and 3.5 million by 2030 remains intact, though these figures are described as benchmarks for shareholders rather than firm targets.
Producing 1 million electric vehicles per year remains a significant challenge for Toyota, which has focused more on hybrid technology and sold only around 104,000 EVs last year. Currently, EVs make up about 1% of its global sales.
Earlier this week, Volvo Cars, a Swedish automaker, abandoned its goal of transitioning to an all-electric lineup by 2030, indicating that hybrid models will still be part of its offerings. Similarly, in the US, Ford, General Motors, and other manufacturers have postponed or cancelled new electric vehicle models to avoid investing heavily in vehicles that are not selling as rapidly as expected.
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