Toyota is making significant strides in the electric vehicle (EV) market, with plans to develop approximately 15 EV models in-house by 2027. The company aims to achieve an annual production target of around one million cars, as reported by Nikkei Asia.
Currently, Toyota has already developed five EV models in-house, with production limited to Japan and China. However, the automaker is now considering expanding production to the US, Thailand, and Argentina. This strategic move is designed to mitigate tariff and foreign exchange risks, as well as reduce delivery times for customers.
The planned 15 EV models will also include options under Toyota’s luxury brand, Lexus. Despite these ambitious plans, the company has adjusted its production forecast for 2026 downwards to about 800,000 units, which is a significant decrease from its original target. Toyota had previously aimed to sell 1.5 million EVs annually by 2026 and 3.5 million by 2030.
In 2024, Toyota saw a 33% increase in global EV sales compared to the previous year, reaching nearly 140,000 units. However, this figure still only accounted for less than 2% of the company’s total global sales, which exceeded ten million vehicles.
On a positive note, Toyota recently reported a 9.5% increase in global group sales for February 2025, totaling 825,217 vehicles. This growth was driven by a significant 52% rebound in Japan, where sales reached 177,968 units, as well as a modest increase of nearly two percent in overseas sales.
Furthermore, Toyota is set to establish its first research and development (R&D) center in India, aiming to boost sales in the country’s thriving automotive market. The R&D facility, located in Bengaluru near Toyota’s vehicle assembly plant in Bidadi, is expected to be operational by 2026. Initially employing 200 people, the center will eventually expand to accommodate 1,000 engineers.
As Toyota continues to expand its EV portfolio and global presence, the company remains committed to innovation and sustainability in the automotive industry. Stay tuned for more updates on Toyota’s electrification journey and its efforts to shape the future of mobility.
