Toyota Motor is reportedly gearing up to ramp up production of electric vehicles (EVs) under its flagship Toyota and luxury Lexus brands, according to a report from the Nikkei newspaper published on Friday.
The Nikkei report indicates that the Japanese automaker is set to significantly increase its manufacturing of battery-powered vehicles, with the goal of achieving an annual output exceeding 600,000 EVs by 2025. Toyota, however, declined to provide an official comment regarding the report.
Toyota has previously stated its ambitious targets for EV sales, aiming to sell 1.5 million electric vehicles annually by 2026, followed by a more substantial goal of reaching 3.5 million units, equivalent to approximately one-third of its current global production volume, by 2030.
Despite these aspirations, Toyota’s electric vehicle sales in the previous year were comparatively modest, totaling fewer than 25,000 units worldwide, including those from its luxury brand, Lexus.
In pursuit of its expansion strategy, Toyota is reportedly planning to increase EV production to approximately 150,000 vehicles in 2023 and gradually raise this figure to the range of 190,000 vehicles in the following year, as reported by the Nikkei.
This move signifies Toyota’s commitment to adapting to the growing demand for electric vehicles and accelerating its presence in the EV market, aligning with global efforts to transition toward more sustainable transportation options.
