Electric cars

Is Toyota Finally Accelerating EV Production?

Toyota plans to significantly increase its electric vehicle (EV) production, aiming to manufacture 600,000 electric cars in 2025, which is triple the expected output of 190,000 units in 2024. The automaker has set an ambitious goal of selling 1.5 million EVs by 2026, with a lineup that includes ten new all-electric models, including SUVs, crossovers, small cars, luxury vehicles, and commercial vehicles. By 2030, Toyota plans to sell 3.5 million EVs, which would represent about one-third of its global volume.

To achieve these production and sales targets, Toyota has notified several major suppliers of its plans to ramp up EV production over the next few years. Last year, Toyota and its luxury brand Lexus sold a total of 24,466 fully electric cars, accounting for just 0.26% of their overall sales. This trend has continued in 2023, with approximately 7,400 units sold in the first seven months, still less than 1% of total sales. Toyota’s increased focus on electric vehicles is accompanied by efforts to reduce manufacturing costs and increase efficiency.

The company has also revealed its next-generation EV battery roadmap, with plans to release advanced electric models in 2026 that offer nearly 500 miles (800 kilometers) of range. Toyota is investing in technologies like Giga casting, self-propelled assembly lines, and robots for transporting finished vehicles to streamline production and reduce costs. Additionally, the new Lexus brand boss has expressed a commitment to leading Toyota’s next-generation EV initiatives, acknowledging Tesla’s manufacturing success as a source of inspiration for competing in the electric vehicle market.

Is Toyota Finally Accelerating EV Production?
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