Toyota Reduces 2026 EV Production Target by 30% Amid Weak Demand

Group 1: Toyota Motor Corporation - Toyota has reduced its electric vehicle (EV) production target for 2026 by 30%, now planning to produce one million EVs, down from earlier projections [1] - For 2025, Toyota's new EV production goal is set at 400,000 units, with a long-term aim of producing 1.5 million EVs annually by 2026 and 3.5 million by 2030 [1] - Currently, EVs account for about 1% of Toyota's global sales, with the company having sold approximately 104,000 EVs last year [1] Group 2: Industry Trends - Volvo has abandoned its plan to go 100% electric by 2030, now targeting 90% to 100% of global sales to be electrified cars, including both fully electric and plug-in hybrid models [2] - The slowdown in EV demand has led to excess production capacity among automakers in the United States, Germany, and France, prompting companies like Ford and General Motors to delay or cancel new electric models [2] - Legacy automakers are increasingly leaning towards hybrids while reassessing their EV ambitions due to the slower-than-expected rise in demand [2]