electric vehicle demand drops, Toyota boosts global hybrid production

the Japanese automaker will increase production by 30% by 2028 compared to this year's plan, aiming for about 60% of its total global output.

Toyota has communicated its plan to suppliers to produce 6,7 million hybrid vehicles, including plug-in hybrid electric vehicles (PHEVs), by 2028. This strategic shift addresses the declining demand for electric vehicles (EVs), a trend that has prompted the European Union (EU) to scale back its EV incentive policies and the US to abolish tax incentives for EV purchases, according to the Bangkok Post.

Further solidifying its commitment to hybrid technology, Toyota, the world's largest automaker by volume, announced in November an additional USD 10 billion investment in the US over the next five years. This significant investment is earmarked for boosting hybrid vehicle production capacity.

According to industry sources, the Japanese multinational automaker aims to increase its total global production, encompassing both gasoline and electric vehicles, to approximately 11,3 million units by 2028.

Hybrid vehicles already constitute a significant portion of Toyota's sales, accounting for over 40% of its total global sales and reaching approximately 10,54 million units in 2025.

In Vietnam, Toyota's two best-selling hybrid models in 2025 were the Innova Cross, with 3.021 units sold, and the Corolla Cross, with 2.926 units. The Camry hybrid ranked 5th, selling 1.595 units, following the Suzuki XL7 Hybrid (2.632 units) and the Honda CR-V e:HEV (1.888 units).