Toyota Motor Corporation is set to ramp up the production of electric vehicles (EVs) for both its Toyota and luxury Lexus brands, according to a report by the Nikkei newspaper published on Friday. Although Toyota has not provided an official statement on the matter, the Nikkei report indicates that the Japanese automaker is planning to significantly increase its production of battery-powered vehicles in the coming years. The goal is to achieve an annual output of more than 600,000 electric vehicles by the year 2025.
This move aligns with Toyota’s previously stated ambitions to increase its presence in the electric vehicle market. The company has set a target of selling 1.5 million EVs annually by 2026, with a more ambitious goal of 3.5 million electric vehicles by 2030. These targets reflect Toyota’s commitment to transitioning to electric mobility.
However, as of last year, Toyota’s global sales of electric vehicles, including its Lexus brand, were relatively modest, totaling fewer than 25,000 units. To accelerate its electric vehicle production, Toyota intends to increase its output to around 150,000 EVs in 2023 and continue a gradual upward trajectory, potentially reaching the 190,000-vehicle range in the following year.
Toyota’s commitment to expanding its electric vehicle portfolio underscores the growing importance of electric mobility in the automotive industry and the company’s determination to play a significant role in this evolving landscape.