Toyota has announced its intention to develop approximately 15 electric vehicle models by 2027, targeting annual production of approximately 1 million vehicles by then, according to Japanese press reports.
According to a report by Reuters, Toyota has five electric vehicle models that it develops internally and manufactures only in Japan and China.
Production will expand to the United States, Thailand, and Argentina, which could help mitigate the risks of tariffs and exchange rate fluctuations.
Reuters reported that the 15 electric vehicle models include some luxury Lexus vehicles, and Toyota is expected to produce approximately 800,000 vehicles in 2026.
Toyota previously announced its intention to sell 1.5 million electric vehicles annually by 2026 and 3.5 million by 2030, describing these numbers as shareholder benchmarks rather than targets.
Toyota sold approximately 140,000 electric vehicles globally in 2024, an increase of nearly a third over the previous year.
These sales represented less than 2% of its total global sales of more than 10 million vehicles.
Toyota declined to comment on the news of its increased production of electric vehicle models, confirming that the company had not announced this information.
However, in general, most automakers have developed plans to increase production of electric vehicles and shift from combustion engines to hybrid and electric engines.
