Toyota reduces 2026 EV production target from 1.5M to 1M due to slower-than-expected demand.

Toyota Motor is cutting its 2026 electric vehicle production target by one-third, now planning to produce 1 million EVs instead of 1.5 million. This adjustment, reported by Nikkei, reflects slower-than-expected demand for battery electric vehicles (BEVs) in key markets. Toyota, which has primarily focused on hybrid vehicles, is joining other automakers in scaling back EV output amid declining sales momentum.