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Toyota Eyes to Expand EV Lineup to 15 Models by 2027, Aiming 1M Annual EV Production
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Toyota Motor plans to expand its electric vehicle (EV) lineup from the current 5 models to approximately 15 by 2027, establishing production bases across Japan, China, the Americas, and Southeast Asia, reported Nikkei Asia. Toyota aims to magnify its EV production to around 1 million units annually by 2027, seven times of its 2024 level. Currently, Toyota produces EVs only in Japan and China. The company plans to extend EV production to five countries. Production in the U.S., Thailand and Argentina will help hedge FX and tariff risks and enable faster delivery to customers. Last year, Toyota sold nearly 140,000 EVs, a YoY hike of 34%. Despite this growth, Toyota remained far behind global EV peers such as Tesla (1.79 million units sold last year), BYD COMPANY (01211.HK) (1.76 million units), and Volkswagen (740,000 units). AAStocks Financial News |
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