Toyota is cutting global electric vehicle production plans for 2026 by a third, Reuters’ Nikkei reports

TOKYO (Reuters) – Japan Toyota Motor (NYSE: ) cut its electric vehicle production plans for 2026 by a third, the business daily reported, becoming the latest automaker to cancel electric car plans as the pace of electric vehicle sales slows.

The world’s largest automaker now plans to build 1 million electric vehicles in 2026, compared to the company’s previously announced sales target of 1.5 million, it said.

Still, the goal is an ambitious move for Toyota, which has put much more effort into developing hybrids and sold only about 104,000 electric vehicles last year. Electric vehicles currently account for around 1% of its global sales.

A Toyota spokesman could not immediately comment on the Nikkei report.

Earlier this week, Swedish automaker Volvo ( OTC: ) Cars dropped its goal of going all-electric by 2030, saying it expects to still offer some hybrid models in its lineup at that time.

In the U.S., Ford (NYSE: ), General Motors (NYSE: ) and other automakers have delayed or canceled new electric models to avoid spending heavily on vehicles that consumers aren’t buying as quickly as expected.