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Investing.com-- Toyota (NYSE:TM) will postpone the construction of a lithium-ion battery plant for electric vehicles in Japan’s Fukuoka prefecture, Japanese newspaper the Asahi Shimbun reported on Monday.
The company is postponing the plan amid concerns over slower EV demand in the company’s major markets, the report said, citing an interview with Toyota officials.
Toyota was considering delaying the release of next-generation EVs because of the time taken to ensure quality, especially with new technology.
Recent increases in material costs also saw Toyota rethink construction costs of the factory, the Asahi report said.
Reports in mid-2024 had shown that Toyota planned to build an EV battery plant in Japan’s southernmost prefecture and export them from the region.
Toyota- the world’s biggest automaker- has a limited stable of EV offerings, and has avoided investing in the new technology in lieu of its hybrid offerings- a sector it pioneered in the late-1990s.
But the company is considering some forays into the sector, especially amid stellar demand for EVs in major auto market China.
Hybrids helped Toyota largely duck headwinds faced by traditional automakers from EVs, with strong hybrid sales in North America fueling years of strong vehicle sales for the company, cementing its space as the world’s best-selling automaker.