In a bold move to secure a significant share of the electric car market, Toyota has unveiled plans to manufacture 600,000 electric vehicles (EVs) by 2025. This three-fold increase from their previous target reflects a strategic shift as the Japanese automaker intensifies efforts to compete with formidable rivals such as Tesla and BYD. Despite historically favoring diverse greener powertrain solutions, Toyota is adapting to changing dynamics and consumer preferences, particularly the rising demand for battery-electric vehicles (BEVs).
Having sold 24,000 EVs in 2022, Toyota aims to reach 150,000 EV sales in 2023. This announcement follows the recent unveiling of a state-of-the-art next-generation electric vehicle production line in Japan. The company has informed major suppliers of this ambitious production target.
Focusing on the U.S. market, where Toyota’s pure EV sales lag behind competitors like Tesla, Ford, and General Motors, the automaker plans to launch up to 10 new electric models by 2026. While the goal of 600,000 EVs by 2025 is substantial, Toyota acknowledges it may still trail behind industry leaders like Tesla, which plans to produce 1.8 million electric vehicles in 2023 and expand its Giga factory network globally.
This shift underscores Toyota’s commitment to a more electrified future and signals a determined effort to carve out a more substantial presence in the rapidly growing electric vehicle market.