Toyota lowers EV sales expectation by 39%, even as profit soars

Toyota & Lexus are expected to manufacture a record 10.1 million vehicles this fiscal year.

According to reports, Toyota Motor Corp has stated that it will be lowering the sales expectations of its EVs for this fiscal year. The auto giant initially planned to sell 202,000 EVs this fiscal year, but now expects to sell just 123,000 units - a significant 39% less.

Toyota is currently the third largest carmaker in the world, but doesn't have a big EV portfolio. The Japanese car brand is instead leaning heavily towards its ICE and hybrid powertrains. Toyota though is predicting to reach record profits by the end of this fiscal year. The latest financial report of the car brand also show that Toyota's profit prediction for the fiscal year has gone up from 3 trillion yen ($20.1 billion) to 4.5 trillion yen ($30.1 billion).

Reports suggest that Toyota expects to sell 3.6 million traditional hybrid vehicles worldwide this fiscal year. Also, the total electrified vehicles sales which include EVs, hybrids, plug-in hybrids and hydrogen FCEVs is expected to reach 3.9 million units - a 42% increase over last year. These electrified vehicles are said to account for 37% of Toyota's total sales.

Toyota & Lexus, together are expected to manufacture a record 10.1 million vehicles by the end of this fiscal year. Toyota also plans to launch 10 new EVs by 2026, many of which could be powered by solid-state batteries and offer over 1000 km of range on a full charge.

Source: InsideEVs