Toyota is delaying the commencement of electric vehicle (EV) production in the US due to the declining demand for battery-powered vehicles worldwide.
The massive Japanese automaker had planned to begin manufacturing in late 2025 or early 2026.
Toyota has informed BBC News that it plans to begin operations for electric vehicles in the US later in 2026.
A number of other significant automakers, such as Ford and Volvo, have recently lowered their EV ambitions.
Toyota spokeswoman Scott Vazin stated, “We’re still focused on our global [battery electric vehicle] target of 1.5M vehicles by 2026,” and that the company intends to debut “5 to 7 [battery electric vehicles] in the US market” in the next two years.
The company stated earlier this year that it would be investing $1.3 billion (£980 million) in its Kentucky manufacturing to construct an electric sport utility vehicle (SUV) with three rows.
The corporation has also disclosed that it intends to construct an additional electric model at its Indiana plant.
Toyota plans to open a factory in North Carolina next year to increase production of lithium-ion batteries to meet these objectives.
Toyota made its statement when the global auto industry was still grappling with declining demand for electric vehicles in some significant countries.
The leading EV manufacturer, Tesla, is in danger of experiencing its first-ever fall in yearly deliveries after its quarterly results on Wednesday fell short of Wall Street estimates.
Volvo announced last month that it will no longer produce entirely electric cars by 2030, stating that it now anticipates selling some hybrid cars by then.
The corporation gave up on an objective it had declared just three years prior, citing shifting market conditions.
Ford said in August that it is reorganizing its approach to electric vehicles, abandoning plans for a sizable, three-row SUV that would run exclusively on electricity and delaying the release of its next electric pickup truck.
John Lawler, chief financial officer, stated that “pricing and margin compression” was the reason the company was changing its plans.
