Japanese automaker Toyota has slashed its electric vehicle production plans for 2026 by one-third, as reported by Nikkei Asia. The world’s biggest automaker now plans to build 1 million EVs in 2026, compared with the company’s earlier announced sales target of 1.5 million, it said.
According to Toyota, there was no change to its intention to produce 1.5 million EVs per year by 2026 and 3.5 million by 2030. It said, however, that the figures were not targets but benchmarks for shareholders.
Producing even 1 million electric vehicles annually is a bold goal for Toyota, which has primarily focused on hybrid development and sold only around 104,000 EVs last year. Electric vehicles currently make up roughly 1% of the company’s global sales.
Earlier this week, Swedish automaker Volvo abandoned its goal of going fully electric by 2030, announcing that it now expects to continue offering some hybrid models in its lineup. In the U.S., Ford, General Motors, and other automakers have postponed or canceled new electric models to avoid significant investments in vehicles that consumers are not adopting as quickly as expected.
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