TOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury Lexus brands, according to a report by the Nikkei newspaper this week.
The Nikkei report suggests that the Japanese automaker plans to significantly increase its output of battery-powered vehicles in the coming years to produce more than 600,000 EVs annually by 2025. Toyota has chosen not to comment on the report at this time.
Previously, the company had announced its ambition to achieve sales of 1.5 million EVs annually by 2026 and eventually, by 2030, reach a milestone of 3.5 million EVs sold, which would account for roughly one-third of the current global market volume.
In 2022, Toyota sold fewer than 25,000 EVs worldwide, including those from its Lexus brand. The company had already set targets to increase EV production to around 150,000 vehicles in 2023, with gradual increments expected to reach the range of 190,000 vehicles next year, as reported by Nikkei.