Toyota Motor, the Japanese automotive giant, has revised its electric vehicle (EV) production plans for 2026, reducing its original target by one-third, according to a report by Nikkei Business, September 8. Toyota is the latest carmaker to scale back its EV ambitions amid slowing EV sales.
The world’s largest automaker now plans to produce only 1 million EVs in 2026, down from the previously announced target of 1.5 million units. Despite the reduction, Toyota clarified that its commitment to reaching 1.5 million EVs annually by 2026 and 3.5 million by 2030 remains unchanged, emphasizing that these numbers are benchmarks for shareholders rather than fixed goals.
Even with this reduction, the production of 1 million EVs annually still reflects Toyota’s long-term ambitions. The company has focused more on hybrid vehicle development and sold only around 104,000 EVs last year, with EVs accounting for just 1% of its total global sales.
Earlier this week, Volvo also adjusted its goals, abandoning its target to produce only electric vehicles by 2023, opting to continue manufacturing some hybrid models. Similarly, U.S. automakers like Ford and General Motors have postponed or canceled new EV models, citing slower-than-expected consumer adoption and the high costs associated with EV development.
