Toyota plans to reduce EV production target by one-third
Japanese automaker Toyota has revised its 2026 electric vehicle (EV) market forecast. The company said production would be cut by one-third in the new forecast. News Nikkei Asia.
The company was the first company to revise the EV marketing target. According to the information of the report, the stakeholders believe that the company has taken this initiative mainly due to the decrease in demand for EVs in the market.
According to published reports, the company currently plans to manufacture 1 million EVs by 2026. Whereas the previous forecast was 15 lakhs.
In a statement, Toyota said the company currently has no plans to manufacture 1.5 million EVs annually by 2026 and 3.5 million by 2030.
