In keeping with innumerable automakers that are cutting back investment and production into electric vehicles, Toyota has become the latest to slow its EV output, according to a new report from Nikkei Asia.
The company “plans to significantly slow its production of electric vehicles”, the report says, stating it’ll cut global output for 2026 to just 1 million cars, about 30% less than previously expected.
Toyota has decided to reduce EV production due to a global market slowdown, informing its suppliers of the change. The company now plans to produce over 400,000 EVs by 2025 and aims to more than double output in 2026.
Toyota, which has prioritized hybrid vehicles, sold around 100,000 EVs in 2023 and 80,000 between January and July this year, the report says.
Despite its new 2026 forecast marking a significant rise in EV sales, production will slow compared to earlier plans.
