Toyota Cuts 2026 EV Production Forecast By 30% : Report

(RTTNews) - Japanese auto major Toyota Motor Corp. (TYT.L, TM) plans to significantly reduce its electric vehicle production, revising its global output forecast for 2026 to 1 million vehicles—about 30% lower than previously projected. This decision is driven by a slowdown in the global EV market, Nikkei Asian Review reported.

The report said Toyota aims to produce just over 400,000 EVs in 2025, with production expected to more than double in 2026.

The company said in May that it projected consolidated vehicle sales to be 9.500 million units for the fiscal year ending March 31, 2025. In Japan, the company expects a decrease in sales volume mainly at Daihatsu. Electrified vehicle sales are expected be a total of 4 million 827 thousand units, or 46.4% of total sales.