Toyota joins growing list of VMs to scale down EV targets

Toyota has become the latest car manufacturer to scale down its electric vehicle plans.

It has reduced its EV manufacturing target in 2026 from 1.5 million cars to one million.

This comes just days after Volvo announced it had revised down it’s EV objectives. The brand had previously stated that 100% of its cars would be fully electric by 2030, but has now set a target of between 90% and 100%, with this figure also now including hybrids.

Toyota has readjusted its manufacturing plans due to waning global demand for EVs coupled with increasingly stiff competition from Chinese car makers.

Toyota EV targets

A Toyota spokesperson said: “There is no change in the fact that we are moving forward with preparations to produce BEVs and other electric vehicles, including securing batteries, based on 1.5 million units in 2026 and 3.5 million units in 2030.

“The number of vehicles we have indicated is not a target but a standard for our stakeholders and is positioned as a guideline for building a better system to meet future demand for BEVs. We will continue to expand our supply chain, including batteries, establish a sales structure, improve infrastructure such as recharging facilities, and promote software development to be ready to produce and sell electrically powered vehicles.

“We believe it is important to put our customers’ needs first and introduce the options they seek in a timely manner. Based on the multi-pathway concept, we will continue to develop various options, including BEVs, plug-in hybrids, and hybrids, and respond flexibly while carefully assessing actual demand.”