Toyota slashes EV production forecast by a third By Rob Hull Published: 21:33 BST, 9 September 2024 | Updated: 21:40 BST, 9 September 2024 e-mail Advertisement The world's biggest car maker, Toyota, has significantly slashed its electric vehicle production plans in the latest case of manufacturers rolling back their EV intentions over concerns about slowdown global demand. The automotive giant has shortened its EV manufacturing ambitions for 2026 by a third, estimating it will make 1 million battery cars during the year rather than the 1.5 million it had previously forecast.
It comes just days after Volvo announced it had abandoned its plans to become an electric-only car maker by 2030. Various brands have already shortened their EV expectations amidst slower-than-expected EV sales in recent years. Nikkei Asia reported that Toyota claims to have made no changes to its plans, despite its president, Koji Sato, stating just last year that it would produce 1.
5 million EV units in 2026 and scale up to 3.5 million per year by 2030. The car maker said the figures were not targets but instead 'benchmarks for shareholders'.
However, it has been reported that Toyota has already notified its parts suppliers of the change in EV production forecasts. A spokesperson for Toyota UK told us: 'There is no change in the fact that we are moving forward with preparations to produce BEVs [ battery electric vehicles ] and other electric vehicles, including securing batteries, based on 1.5 million u.