Toyota Motor (NYSE:TM) has reportedly planned to cut its electric vehicle production target for 2026 to a million cars, 30% below its earlier forecast amid a slowdown in global demand.

What Happened: The Japanese automaker’s decision was driven by a slowdown in the global EV market. Toyota has already informed its parts suppliers of the revised plan, Nikkei Asia reported on Friday.

Under the new strategy, Toyota aims to produce over 400,000 EVs in 2025 and more than double that number the following year. This marks a significant reduction from its previous target of 1.5 million EVs by 2026.

Despite the cut, Toyota still ...

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