TOYOTA PLANS 30% CUT TO 2026 GLOBAL EV OUTPUT - REPORT
Toyota Motor (NYSE:TM) plans to significantly reduce its electric vehicle production targets, cutting its global output forecast for 2026 to 1M units, Nikkei reported on Friday.
This new figure represents a 30% decrease from its earlier announced sales target of 1.5M, reflecting a slowdown in the global EV market.
The waning EV demand promoted Japan's auto giant to reassess its production strategies and now eyes to produce a little above 400,000 EV in 2025, the report said.
The company has communicated this change to its component suppliers, indicating a broader impact on its supply chain.
The Japanese automaker sold about 104,000 EVs in 2023 and nearly 80,000 EVs from January to July this year.
The revised estimate for 2026 still indicates a significant increase in EV sales, but production will decline significantly from the original estimate.
Globally, automakers have pulled back on the aggressive EV production targets, including dramatic shifts from General Motors (GM) and Ford Motor (F).
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