Toyota, despite expecting record growth this fiscal year, is cutting its electric vehicle (EV) sales forecast by almost 40%. The automaker will focus on hybrid vehicles (HEVs) to avoid price competition in the EV market, specifically in China. Toyota’s latest financial results showed significant growth, with sales reaching 4.7 million units in the first half of the fiscal year, a 114% increase from last year. HEVs accounted for 1.7 million sales, compared to only 59,000 EVs. The company revised its EV sales forecast from 202,000 to 123,000, citing a decline in the Chinese market. Despite this, Toyota raised its HEV sales target and expects electrified sales to account for 37.2% of total sales.
https://electrek.co/2023/11/01/toyota-drastically-cuts-ev-sales-forecast-amid-strategy-shift/