- Toyota has reportedly slashed its EV production targets by a third due to market conditions.
- The automaker now plans to build about 400,000 EVs in 2025 and around 1 million in 2026.
- Despite these cuts, Toyota still aims to ramp up its EV lineup with new models coming soon.
Not long ago, Toyota was criticized for banking on hybrids and having a lackluster electric vehicle lineup. That ended up being the right strategy, although the automaker eventually announced plans for a slew of new EVs.
However, the Japanese giant is reportedly getting cold feet as Nikkei says Toyota will “significantly slow its production of electric vehicles.” According to the publication, the automaker now plans to build 1 million EVs in 2026, which would be a drop of 33%.
More: Volvo Abandons EV-Only Promise, Will Sell Mix Of Powertrains Past 2030
While that’s still a huge increase from the roughly 100,000 EVs sold last year, Toyota has reportedly decided to cut production due to a “slowdown in the global EV market.” As part of this effort, the company may only build around 400,000 EVs next year.
There’s no word on whether or not any EVs will be delayed as part of the plan, but Toyota is working on an assortment of different models including two three-row SUVs. These will be built at Toyota Motor Manufacturing Kentucky and Toyota Motor Manufacturing Indiana.
Back in July, the automaker said they intend to “offer 30 BEV models globally across its Toyota and Lexus brand nameplates and produce up to 3.5 million BEVs annually” by 2030. When asked for clarification by Reuters, the automaker said they still intend to produce 1.5 million EVs annually by 2026 and 3.5 million by 2030. However, those numbers are simply “targets.”
If Toyota’s plan does can’t, they wouldn’t be the first to slow down their EV push as Volvo recently abandoned plans to go electric-only by 2030. Instead, they’re now eyeing a mix of mild-hybrids, plug-in hybrids, and EVs.
Of course, Volvo is far from alone as Ford recently axed a three-row electric crossover and delayed the F-150 Lightning successor to 2027. GM also recently delayed plans to offer a Buick EV stateside.
