Toyota is famously defiant in following the industry trend when it came to electrification. While other brands floated lofty promises on electric vehicle (EV) timelines, Toyota has opted to go with a “multi-pathway” approach, only going fully electric where and when it makes sense. Now, though, just as many brands are walking back on their initial EV targets, Toyota is instead charging full steam ahead, with a target to increase its EV portfolio from five models up to a whopping 15 by 2027, Nikkei Asia reports.
In addition to the extensive EV model line-up, Toyota is also reportedly aiming for a sevenfold jump in EV production over 2024 levels to one million units by then. The Japanese carmaker sold just 140,000 EVs last year, despite claiming top spot in global vehicle sales.
The new targets are in spite of the recently revised estimates, which have effectively halved its EV expected EV production volume to 800,000 in 2026. Toyota has previously said it intends to sell 1.5 million EVs per year by 2026, and 3.5 million by 2030.
Toyota currently has only five EV models in its line-up, all of them produced in either Japan or China. In order to reach its targets, the Japanese carmaker will be expanding production of its EVs to other regions including the United States, Thailand, and Argentina.
The first in the list could play a big role in countering United States President Donald Trump’s volatile tariff implementations, which at the point of writing, will see vehicles imported from Japan hit with a 24% levy, on top of a 25% tariff on imported vehicles.
The expansion of production facilities will also help safeguard against foreign exchange risks, at the same time cutting delivery times, the business publication added.
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What these 15 EVs will consist of is still largely under wraps, although Nikkei Asia says that it will also include some under the Lexus luxury brand. Previously, Toyota has also revealed plans for EVs in a wide range of segments, including luxury, SUVs, compact vehicles for emerging markets, as well as commercial vehicles, the latter of which will include an electric Toyota Hilux pickup truck, which was previewed in Thailand back in 2022.
Recently, the Japanese carmaker has also revealed the Toyota C-HR+ in Europe, which is slated for an European market launch later this year. The B-segment compact crossover – itself a completely separate EV offshoot of the regular C-HR – will be offered in three powertrain options boasting a driving range of up to 600 km, and a rumoured starting price of around GBP38,000 (approx. RM218k).
The Toyota bZ3X crossover has also recently gone on sale in China, utilising the marque’s partnership with GAC Motor and key components from local suppliers to hit a low starting price of CNY109,800 (approx. RM67k).
READ MORE: Toyota lays out new EV plans – 1,000km range, manual EV, new modular platform
