05:15 AM EDT, 10/03/2024 (MT Newswires) -- Toyota Motor ( TM ) will delay electric-vehicle production in North America to H1 2026 due to slowing EV sales and design adjustments, the Nikkei Asia reported Thursday.

The Japanese automaker previously planned to start assembling a three-row, electric sport utility vehicle at its $1.3 billion plant in Kentucky in 2025, but it recently told suppliers that it will now be pushed back several months, the report said.

Toyota ( TM ) will also scrap plans to manufacture new electric SUVs under its luxury Lexus brand in North America by 2030 in favor of shipping finished vehicles from Japan, Nikkei said.

Even though Toyota ( TM ) aimed to produce 1.5 million SUVs globally in 2026, suppliers have been communicated to bring the figure down to about 1 million, the news outlet added.

Toyota ( TM ) did not immediately respond to MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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