April 7, 2025 –Toyota Motor Corporation, the world’s largest automaker, is set to revolutionize its electric vehicle (EV) strategy by 2027. The company plans to independently develop approximately 15 new EV models, establishing production hubs across Japan, China, the Americas, and Southeast Asia. This move is part of a broader initiative to significantly boost EV output, with the goal of producing around 1 million units annually by 2027—a sevenfold increase from 2024 levels.
Currently, Toyota has five self-developed EV models in production, limited to manufacturing facilities in Japan and China. Expanding production to the United States, Thailand, and Argentina is aimed at mitigating tariff and currency risks while reducing delivery times. Notably, this expansion will include models under the luxury Lexus brand.
However, Toyota has revised its production forecasts downward. The company now anticipates producing roughly 800,000 EVs in 2026, nearly half of its initial target. Previously, Toyota had aimed to sell 1.5 million EVs by 2026 and 3.5 million by 2030. These figures were presented as benchmarks for shareholders rather than firm commitments.
In 2024, Toyota sold nearly 140,000 EVs globally, marking a 33% increase from the previous year. Despite this growth, EVs accounted for less than 2% of Toyota’s total global sales, which exceeded 10 million units. The shift in strategy reflects Toyota’s commitment to adapting to evolving market demands and regulatory landscapes while maintaining its position as a leader in the automotive industry.
