Automakers, including Toyota, are adjusting their electric vehicle (EV) production targets due to slowing demand. Global EV sales only rose 20% in the first half of 2024, lower than expected. Toyota has reduced its 2026 EV production plan by a third. Other major automakers like Volvo, Volkswagen, Ford, Porsche, Renault, General Motors, Mercedes-Benz, Bentley Motors, and Aston Martin are also revising their EV plans. Sales of hybrid electric cars are increasing as a more affordable option. The industry is responding to shifting consumer preferences and market conditions.
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