Global auto giants may cut EV production targets for some time

WEB DESK: Japan’s Toyota Motor has reduced its electric vehicle (EV) production goal for 2026 by one-third, according to the Nikkei business daily.

The company now aims to produce 1 million EVs in 2026, down from its previous target of 1.5 million. This move reflects a broader trend among automakers as the enthusiasm for electric cars begins to wane.

Despite this reduction, Toyota remains committed to its long-term plans. The company has confirmed its goal to produce 1.5 million EVs annually by 2026 and to ramp up to 3.5 million by 2030. However, Toyota clarified that these figures are not fixed targets but rather benchmarks set for its shareholders.

Producing 1 million EVs a year is still a significant challenge for Toyota, which has traditionally focused more on hybrid vehicles. Last year, the company sold approximately 104,000 EVs, which currently make up only about 1 per cent of its global sales.

This announcement follows similar moves by other automakers. For example, Swedish carmaker Volvo has abandoned its goal of becoming fully electric by 2030 and now plans to continue offering hybrid models beyond that date.

In the United States, companies like General Motors and Ford have also postponed or cancelled new electric vehicle models, reacting to slower-than-expected consumer adoption.

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