Toyota Motor Corporation has announced a whopping 30% scale back on its electric vehicle (EV) production targets for 2026.
The Japanese automaker made the audacious move due to a reported slowing down of global EV adoption rates, according to Nikkei.
Instead it now plans to produce one million EVs in 2026, a significant deficit from the initial promise of 1.5 million units.
For 2025, Toyota’s new EV production goal is 400,000 units.
Despite the adjustments, the automaker still aims to produce 3.5 million by 2030, however this figure remains as a benchmark rather than strict target.
Volvo also recently scrapped its zero-emission target for 2030 as part of the Swedish automaker’s adjustments to business plans.
