TOKYO — Toyota Motor Corp. has slashed its electric vehicle production plans for 2026 by a third, the Nikkei business daily reported, becoming the latest automaker to roll back electric car plans as EV sales momentum wanes.
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, it said on Sept. 6.
Toyota said in a statement 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.
The goal still 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.