Toyota Motor (NYSE:TM) has cut electric vehicle production schedules for 2026 by a third due to the slowdown in demand globally.
Having been heavily criticised for being slow in its adoption of EVs and for its focus on hybrids, the Japanese car maker is now looking well ahead of the game as other car makers adopt its strategy.
Toyota said it now intends to build one million EVs in 2026, against a previous target of 1.5 million.
Production targets of 1.5 million EVs per year by 2026 and 3.5 million by 2030 remain, but the company insisted there were benchmarks not targets.
Whether these ultimately change remains to be seen especially as Toyota only sold 100,000 EVs last year or about 1% of its global sales.
Earlier this week, Volvo abandoned its target to be all-electric by 2030 joining Ford, General Motors and VW which have all scrapped or drastically slowed EV developments.