According to Nikkei Shimbun, Japanese automaker Toyota Motor will cut its global electric vehicle production plan in 2026 by one-third to 1 million units due to the slowdown in global electric vehicle sales.
It is reported that Toyota Motor has informed its auto parts suppliers of the new goals.
In April last year, Toyota CEO Koji Sato said it planned to sell 1.
5 million electric vehicles by 2026.
Toyota Motor also said in a statement that its goal of producing 1.
5 million electric vehicles per year by 2026 and 3.
5 million electric vehicles per year by 2030 has not changed.
However, Toyota Motor said these numbers are not targets, but benchmarks set by shareholders.
However, even producing 1 million electric vehicles a year would still be an ambitious task for Toyota, as the company has been investing more energy into hybrid vehicles.
, Last year, Toyota sold about 104,000 electric vehicles, more than four times the number it sold in 2022, but only about 1% of its total global vehicle sales.
Sales of electric vehicles still pale in comparison with the company’s total vehicle sales of more than 10 million vehicles.
, In contrast, demand for Toyota hybrid vehicles has increased sharply, as this power type of vehicle is increasingly seen as a practical solution to achieve carbon neutrality.
Sources said that Toyota Motor will flexibly respond to market demand and plans to increase the production of plug-in hybrid vehicles.
Photo source: Toyota Motor, at the same time, other automakers have also adjusted their strategic plans against the backdrop of slowing demand in the global electric vehicle market.
For example, Swedish carmaker Volvo Cars has abandoned its goal of achieving full electrification by 2030, saying some hybrid models will still be introduced in its product line by then.
in the United States, carmakers such as Ford Motor and General Motors have also postponed or canceled plans to launch new electric vehicles to avoid investing heavily in them if consumers are buying them at a slower pace than expected.
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