Not long ago, Toyota was criticized for its heavy reliance on hybrids and its lackluster electric vehicle lineup. However, the automaker eventually announced plans to introduce a range of new EVs.

However, according to Nikkei, Toyota is now having second thoughts and will “significantly slow its production of electric vehicles.” The publication states that the automaker intends to build 1 million EVs in 2026, a decrease of 33%.

While this is still a substantial increase from the previous year’s sales of approximately 100,000 EVs, Toyota has decided to reduce production due to a slowdown in the global EV market. As part of this adjustment, the company may only manufacture around 400,000 EVs next year.

There is no information available regarding potential delays to specific EV models as a result of this plan. However, Toyota is actively working on various models, including two three-row SUVs that will be produced at Toyota Motor Manufacturing Kentucky and Toyota Motor Manufacturing Indiana.

In July, Toyota announced its intention to offer 30 battery electric vehicle (BEV) models globally across its Toyota and Lexus brand nameplates and produce up to 3.5 million BEVs annually by 2030. When asked for clarification, the automaker confirmed its target to produce 1.5 million EVs annually by 2026 and 3.5 million by 2030. However, these figures are subject to change.

Toyota’s decision to reduce its EV production targets follows a similar trend in the industry, as Volvo recently abandoned its plans to go fully electric by 2030 and is now considering a mix of mild hybrids, plug-in hybrids, and EVs. Other automakers, such as Ford and GM, have also experienced delays and adjustments to their EV plans.