Toyota delays US electric car production plans as EV sales slow

Published On Oct 3, 2024, 12:20 AM

Toyota has postponed its electric vehicle (EV) production plans in the US, now expecting to start in 2026 instead of late 2025 as initially planned. This decision comes as global EV demand diminishes. Despite this delay, Toyota still aims for a total of 1.5 million battery electric vehicles by 2026 and plans to introduce 5 to 7 new EV models in the US in the next two years. The company is investing heavily in its North American operations, including a new battery plant in North Carolina.

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The delay in Toyota's EV plans may impact its stock negatively, reflecting broader industry trends where major manufacturers like Tesla and Ford are facing challenges in EV sales.

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