{"id":1488779,"date":"2024-09-09T10:55:00","date_gmt":"2024-09-09T14:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1488779"},"modified":"2024-09-09T10:55:00","modified_gmt":"2024-09-09T14:55:00","slug":"toyota-slashes-ev-output-by-30-for-2026","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/toyota-slashes-ev-output-by-30-for-2026\/1488779\/","title":{"rendered":"Toyota Slashes EV Output By 30% For 2026"},"content":{"rendered":"

Toyota Slashes EV Output By 30% For 2026<\/span><\/p>\n

\n

In keeping with innumerable automakers that are cutting back investment and production into electric vehicles, Toyota has become the latest to slow its EV output, according to a new report from Nikkei Asia<\/a>.<\/p>\n

The company “plans to significantly slow its production of electric vehicles”, the report says, stating it’ll cut global output for 2026 to just 1 million cars, about 30% less than previously expected.\u00a0<\/p>\n

Toyota has decided to reduce EV production due to a global market slowdown, informing its suppliers of the change. The company now plans to produce over 400,000 EVs by 2025 and aims to more than double output in 2026.<\/p>\n

Toyota, which has prioritized hybrid vehicles, sold around 100,000 EVs in 2023 and 80,000 between January and July this year, the report says<\/a>.\u00a0<\/p>\n

Despite its new 2026 forecast marking a significant rise in EV sales, production will slow compared to earlier plans.<\/p>\n

Last May, Toyota announced a goal to sell 1.5 million EVs by 2026, intending to use the figure as a benchmark to strengthen its supply chain for batteries and other components.<\/p>\n

The decision comes amid a cooling global EV market, as we have repeatedly written about here on Zero Hedge.<\/p>\n

<\/a><\/p>\n

Global EV sales reached 9.7 million units in 2023, a 32% rise from 2022, though slower than the 65% growth seen the year prior.<\/p>\n

According to Nikkei<\/a>, Tesla’s global sales dropped 7% in the first half of 2023 to 830,000 units, while China’s BYD saw an 18% increase to 720,000 EVs, alongside a 40% jump in plug-in hybrid vehicle sales.<\/p>\n

Other automakers are also adjusting their EV strategies, as we’ve noted.<\/p>\n

Volkswagen is considering closing a German factory, General Motors has delayed production of large EVs by two years, and Ford halted the development of large electric SUVs.<\/p>\n

Volvo scrapped its goal to be an all-EV maker by 2030. Among Japanese automakers, only Toyota has revised its EV plans, while Honda remains committed to producing only EVs or fuel cell vehicles by 2040.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 09\/09\/2024 – 06:55<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/toyota-slashing-ev-output-30-2026<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

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