On September 6, 2024, Toyota notified its parts suppliers of its decision to revise downward its global EV production plan for 2026 to 1 million units, two-thirds of the previous plan, according to sources familiar with the matter.

Although Toyota will maintain its 2030 production plan at 3.5 million units, it has lowered its immediate milestone target of 1.5 million units by 2026 to 1 million units, due to the current increase in demand for HEVs and the noticeable sluggish growth of EVs. However, Toyota intends to maintain the existing plan of 1.5 million units by 2026 and 3.5 million units by 2030 in terms of procurement of parts such as securing batteries and development of the production system itself.

In June 2024, a Toyota subsidiary was accused of having its molds stored by a subcontractor free of charge. On the other hand, the reduction in the number of BEVs is seen as a positive step toward building and restoring relationships of trust with suppliers, and if this kind of consideration spreads to other manufacturers, more efficient investment strategies will be possible for a greater number of suppliers. If this consideration approach spreads to other manufacturers, it will lead to more efficient investment strategies for suppliers, and it is expected that the “standard” approach shown by Toyota will spread to other companies as well.