Toyota's Luxury Division Under Fire: Lexus Electric Saloon Project Scrapped Amid Weakening EV Market In a move that signals a shift in the electric vehicle (EV) landscape, Toyota is reportedly shelving its plans to launch a new electric saloon under its luxury brand, Lexus. Citing a weakening demand for EVs, the Japanese automaker has allegedly decided to put the project on hold, marking a significant setback for the brand's efforts to expand its electric offerings. The decision comes as the global EV market faces increased competition and declining sales, prompting manufacturers to reassess their strategies in the face of changing consumer preferences. As the automotive industry continues to evolve, Toyota's move raises questions about the future of luxury EVs and the role of Lexus in the market.
Toyota shelves Lexus electric saloon project amid weaker EV market – report Just Auto
