According to a recent report by Nikkei, Toyota is significantly ramping up its electric vehicle (EV) strategy, aiming to introduce a substantial lineup of 15 EV models and achieve an annual production volume of 1 million EVs by 2027. This ambitious plan signifies a major shift for the Japanese automotive giant, which has been perceived by some as a cautious adopter of fully electric technology, primarily focusing on hybrid vehicles.
The report highlights Toyota’s intention to dramatically expand its current EV portfolio, which currently consists of only a handful of in-house developed models manufactured in Japan and China. By 2027, this number is projected to triple, encompassing a wider range of segments and potentially including models under its luxury Lexus brand.
To meet this aggressive production target and mitigate potential risks associated with tariffs and fluctuating exchange rates, Toyota is reportedly looking to diversify its EV manufacturing footprint. This expansion could see EV production extending to key markets like the United States, Thailand, and Argentina, bringing production closer to consumers and potentially reducing delivery times.
While Toyota has previously stated intentions to sell 1.5 million EVs annually by 2026 and 3.5 million by 2030, the Nikkei report suggests a slightly adjusted near-term production outlook, with an estimated 800,000 units targeted for 2026. Nevertheless, the commitment to reaching 1 million units by 2027 underscores Toyota’s growing seriousness about competing in the rapidly evolving global EV market.
This strategic pivot comes at a crucial time, as other major automakers are aggressively expanding their EV offerings and consumer demand for electric vehicles continues to rise globally. Toyota’s move to significantly increase its EV models and production targets signals a clear intention to become a major player in the electric future of the automotive industry. The coming years will be critical in observing whether Toyota can successfully execute this ambitious plan and capture a significant share of the burgeoning EV market.