Toyota Motor has plans to increase production of electric vehicles (EV) under its Toyota and Lexus brands. According to a report by Nikkei, the Japanese automaker aims to produce more than 600,000 units of electric vehicles per year by 2025.
The brand set a target of selling 1.5 million electrified cars annually by 2026, with the goal of capturing around one-third of the current global EV market by 2030.
In 2020, the company sold fewer than 25,000 electric vehicles worldwide, including those of its luxury brand Lexus.
Production Targets
In order to reach its production target, Toyota plans to start by manufacturing around 150,000 electric vehicles by 2023, with a subsequent ramp-up to approximately 190,000 cars per year.
This announcement marks a significant shift for Toyota, as the company has focused primarily on hybrid vehicles in its pursuit of alternative energy technologies.
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By rapidly expanding its electric vehicle lineup, Toyota is looking to compete with other major automakers such as Tesla, Volkswagen and General Motors, all of which have already made substantial investments in the electric vehicle market.
The brand plans to increase production of electric vehicles with the goal of exceeding 600,000 units per year by 2025. These efforts are aligned with the company’s long-term goal of becoming a major player in the global electric vehicle market.
