Toyota is set to accelerate its production of electric vehicles (EVs) under both its flagship Toyota and upscale Lexus brands, as reported by the Nikkei newspaper. This move reflects Toyota’s commitment to keeping pace with the global shift towards electric mobility. According to the Nikkei report, the Japanese automotive giant is poised to intensify its production of battery-powered vehicles over the upcoming years with the aim of achieving an annual output exceeding 600,000 vehicles by the year 2025. However, when approached for a response, Toyota declined to provide any official comments on the report.
This ambitious production target is part of Toyota’s broader strategy to establish a significant presence in the electric vehicle market. The company has already outlined its intention to sell 1.5 million EVs annually by 2026, with a more audacious goal of reaching 3.5 million EVs by 2030. If realized, this would represent approximately one-third of the current global volume of vehicles sold.
To put these aspirations into perspective, it’s noteworthy that Toyota’s EV sales figures from the previous year were relatively modest, totaling less than 25,000 units, which included sales from its luxury brand, Lexus, on a global scale. As part of its incremental approach towards its ambitious goals, Toyota is striving to elevate EV production to approximately 150,000 vehicles in 2023, followed by gradual increases that will take it to the 190,000-vehicle range the following year, according to the Nikkei report.
Toyota’s accelerated focus on EV production is a clear indication of its recognition of the growing demand for electric vehicles worldwide and the necessity to adapt to the changing automotive landscape. As governments and consumers place increasing emphasis on sustainability and environmental concerns, Toyota’s ambitious EV production targets are a strategic move to remain competitive and align with evolving industry trends. The company’s reputation for quality and innovation could position it as a formidable contender in the expanding electric vehicle market if it can successfully execute its production ramp-up and meet its sales targets.