Toyota is set to develop approximately 15 electric vehicle (EV) models in-house by 2027 and aims to reach an annual production volume of around 1 million EVs, Japan’s Nikkei newspaper reported on Sunday, citing unnamed sources. The plan marks a strategic adjustment as the company seeks to strengthen its position in the evolving global EV market.
The report noted that Toyota currently produces five internally developed EV models, with manufacturing limited to Japan and China. To diversify its supply chain and reduce exposure to tariffs and currency fluctuations, Toyota is reportedly preparing to expand EV production to markets such as the United States, Thailand, and Argentina.
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Among the 15 planned EV models, Toyota is expected to include new offerings under its Lexus luxury brand. Annual production is projected to reach approximately 800,000 units in 2026, down from earlier targets. Toyota had previously suggested an ambition to produce 1.5 million EVs annually by 2026 and 3.5 million by 2030, though those figures were presented as long-term benchmarks rather than fixed targets.
Toyota declined to comment on the Nikkei report, stating that the information had not been officially announced.
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In 2024, the company sold nearly 140,000 EVs globally—a 33% increase year-on-year—though EVs still represented less than 2% of Toyota’s total global sales, which surpassed 10 million vehicles.