Toyota Cuts EV Production Target by One-Third

Toyota has announced a shift in its North American strategy, planning to transition almost all its vehicles to hybrid models, with hybrids expected to make up over 50% of sales by 2025. This comes amidst a broader trend in the automotive industry, where companies like Ford, Volvo, and Porsche are scaling back their electric vehicle (EV) production targets due to slowing demand and market challenges. Toyota has reduced its 2026 EV production target from 1.5 million to 1 million, although it maintains its long-term goals of 1.5 million EVs annually by 2026 and 3.5 million by 2030. In contrast, Hyundai is innovating with its new extended-range electric vehicle (E-REV) concept, which combines battery and hydrogen technologies, aiming to alleviate range anxiety for consumers. The automotive industry is experiencing a divide, with some manufacturers betting heavily on EVs while others pivot towards hybrids due to economic pressures and consumer preferences. This strategic shift highlights the complexities and varying rates of EV adoption across different markets.