Toyota announced it will stop development of next-generation electric vehicles. The company will instead allocate resources to SUVs amid strong demand.
The company revealed the plan on May 30, 2026.
Toyota said it will direct management resources toward SUV development.
The move changes the automaker's approach in the electric vehicle sector.
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Tesla has released its 2025 Impact Report, which outlines progress toward its mission of building a world of amazing abundance through its products in energy, storage, transportation, and manufacturing.
Nissan Motor Co has dropped plans to manufacture powertrains for electric vehicles at a new factory in Britain.