Toyota is ramping up its electric vehicle (EV) efforts with an ambitious plan to develop 15 in-house EV models by 2027, Japan’s Nikkei newspaper reported. In addition, the automaker is aiming for a production volume of approximately 1 million vehicles annually.
Currently, Toyota has five EV models produced exclusively in Japan and China. The automaker’s expansion plans include producing these vehicles in additional markets such as the United States, Thailand, and Argentina. This geographic diversification will help mitigate risks associated with tariffs and currency fluctuations and reduce delivery times to key regions.
The 15 planned EV models will include vehicles under Toyota’s luxury Lexus brand, which is expected to play a significant role in meeting the company’s future EV targets. However, the automaker’s expectations for total EV production have been revised. While the company originally planned to manufacture 1.5 million EVs per year by 2026, it now anticipates producing around 800,000 units that year—almost 50% less than previously projected. Despite this adjustment, the automaker remains committed to its long-term EV goals, with a target of 3.5 million EVs annually by 2030.
In 2024, Toyota saw a significant year-over-year increase in EV sales, delivering slightly over 140,000 BEVS and FCEV units globally. While this still represents less than 2% of the company’s total sales of over 10 million vehicles, the growth is a promising sign of Toyota’s progress in the EV market.
