The company has faced criticism in the past for its focus on hybrids and a lackluster EV lineup. But this strategy has proved to be the right move. Toyota recently announced plans for a range of new electric vehicles, but market conditions have forced a change in direction.
According to a report by Nikkei, Toyota will "significantly slow its production of electric vehicles." The company sold roughly 100,000 EVs in 2023, so the new targets still represent substantial growth.
Toyota's ongoing projects include an assortment of different models, including two three-row SUVs. The company plans to manufacture these vehicles at its plants in Kentucky and Indiana.
In July, Toyota announced ambitious plans to launch 30 battery electric vehicle models globally across its Toyota and Lexus brands. The company aimed for an annual production of up to 3.5 million BEVs by 2030.
Toyota isn't alone in adjusting its EV strategy. Volvo has abandoned plans to go electric-only by 2030, now eyeing a mix of mild-hybrids, plug-in hybrids, and EVs. Ford has axed a three-row electric crossover and delayed the F-150 Lightning successor to 2027. GM has put off plans to offer a Buick EV in the United States.
Source: Nikkei