NAGOYA: Japan’s Toyota Motor Corp. has decided to cut its projection for global electric vehicle production in 2026 to some 1 million units from 1.5 million units, officials said Friday.

Meanwhile, Toyota will expand its production system for EV batteries as planned. It hopes to respond to demand for electric-powered vehicles flexibly by expanding the production of plug-in hybrid vehicles, which can use the same batteries as EVs.

“There will be no change in our plans to produce electric-powered vehicles including EVs, aiming for a level of 1.5 million units in 2026 and 3.5 million units in 2030,” a Toyota official said.

Declining demand for EVs have led automakers to rethink their strategies. Germany’s Volkswagen AG is considering closing some domestic plants, while Sweden’s Volvo Car Corp. has scrapped its plan to produce only EVs by 2030.

JIJI Press