Toyota is making ready for its earnings to take an enormous hit this 12 months as Trump’s tariffs take impact. With uncertainty rising within the auto trade, Toyota stated it’s “reviewing” its plans to promote 1.5 million EVs by 2026.
Toyota could not promote 1.5 million EVs in 2026 in any case
Though Toyota offered over 10.2 million automobiles, together with Lexus, throughout the fiscal 12 months, solely 145,000 had been absolutely electrical fashions.
That’s nonetheless solely about 1% of its whole gross sales. As compared, roughly 14% of worldwide automobile gross sales had been electrical in 2024.
A Nikkei report final September claimed that Toyota had notified its suppliers of plans to chop EV manufacturing plans by 20% from 1.5 million to 1 million by 2026. The brand new plans included constructing 400,000 EVs this 12 months and 1 million by 2026.
After releasing its fiscal 12 months monetary outcomes for 2025, Toyota’s President, Koji Sato, and EVP, Yoichi Miyazaki, spoke with the press concerning the new US auto tariffs and electrical automobile gross sales.
When requested, “Will the corporate rethink its international gross sales plan of 1.5 million electrical automobiles (EVs) per 12 months by 2026?” Sato stated the corporate is “starting to see precise demand for EVs in every area,” including, “We will likely be reviewing the figures.”
It’s no secret by now that Toyota has been notoriously gradual and one of the vital outspoken about going all-in on electrical automobiles.
Nonetheless, over the previous few months, the Japanese auto big has revealed a number of new electrical automobiles and supporting tech that might assist it get again within the recreation.
Toyota plans to launch ten new EVs by 2027 throughout its most necessary markets. In Europe, Toyota revealed two new electrical SUVs, the City Cruiser and C-HR+, which can be a part of the up to date bZ4X.
Subsequent 12 months, Toyota will start constructing its first three-row electrical SUV for the US in Kentucky and Indiana. In April, Toyota additionally started transport batteries from its NC facility, its first abroad in-house battery plant.
In March, Toyota launched its most reasonably priced EV in China, the bZ3X, beginning at simply over $15,000 (109,800 yuan). By mid-2026, the flagship Toyota bZ7 and Lexus ES are set to launch in China because it seems to be to recapture market share on this planet’s largest EV market.
Earlier this 12 months, the Toyota bZ4X was the top-selling EV in Norway, a number one electrical automobile market. With a number of new EVs on the best way, can Toyota flip issues round and compete with BYD and different EV leaders?
If the corporate continues pushing again gross sales objectives, it’s unlikely. In the meantime, BYD and others are shortly increasing into new abroad markets.
Supply: Nikkei
