Tokyo, 6 September 2024 (TDI): Toyota Motor of Japan has reduced its production goals for electric vehicles by 33% for 2026, according to the Nikkei business daily.
Toyota is the latest automaker to reduce its expectations for electric cars as the momentum for EV sales declines.
The largest automaker in the world stated that, in contrast to its previously stated sales target of 1.5 million EVs, the firm now intends to build 1 million EVs in 2026.
In a statement, Toyota stated that its goal to build 1.5 million electric vehicles annually by 2026 and 3.5 million by 2030 remained unchanged.
It did clarify, though, that the numbers served as standards for shareholders rather than objectives.
But producing even a million electric cars annually is a big ask for Toyota, which has focused much more on creating hybrids and only sold roughly 104,000 EVs in the previous year.
Currently, 1% of its worldwide sales are made up of EVs.
Also read: BMW to Unveil Its First Hydrogen Car in 2028
Volvo Cars (VOLCARb.ST), a Swedish automaker, abandoned its goal of being all electric by 2030 earlier this week, but that it still planned to offer some hybrid cars in its inventory at that time.
To avoid investing large sums of money on cars that consumers are not purchasing as rapidly as expected, Ford (F.N), General Motors (GM.N), and other automakers in the United States have postponed or canceled the release of new electric models.
