Japanese Toyota Motor has its electric vehicle Production is planned to increase by a third by 2026, business daily Nikkei reported, making it the latest automaker to cut production. electric car plans now that electric car sales are declining.
The world’s largest automaker plans to build 1 million electric cars by 2026, up from a previous sales target of 1.5 million.
Toyota said in a statement that there was no change in its intention to produce 1.5 million EVs per year by 2026 and 3.5 million by 2030. However, it said the figures were not targets but benchmarks for shareholders.
However, producing even 1 million electric vehicles per year is an ambitious undertaking for Toyota, which has put much more effort into developing hybrids and sold only about 104,000 EVs last year. EVs currently account for about 1% of global sales.
Earlier this week, the Swedish car manufacturer announced Volvo has dropped its goal of being fully electric by 2030. The company still expects to offer some hybrid models in its lineup by then.
In the US, ford, General Motors and other automakers have delayed or canceled the launch of new electric models to avoid spending too much money on cars that consumers won’t buy as quickly as expected.