Toyota Motor will speed up its production of EVs, Japanese newspaper Nikkei has reported.
The Nikkei report said Toyota has notified major parts suppliers of its plans to boost production of Toyota and Lexus brand EVs to 600,000 units in 2025. The production target for 2024 is set at 190,000 units. Toyota sold just 24,000 EVs in 2022, aiming for 150,000 units this year – spearheaded by its bZ4X model.
Go deeper with GlobalData
Toyota hopes to sell 3.5 million EVs in 2030.
In 2021, Toyota unveiled its plan to offer 30 BEVs by 2030. Discussing the automaker’s strategy, President Akio Toyoda said “[…] it is difficult to make everyone happy with a one-size-fits-all option. That is why Toyota wants to prepare as many options as possible for our customers around the world.”
“Toyota has consistently adopted a multi path technology approach to reduce emissions as much as possible as soon as possible. We have spent billions developing and bringing to market hybrid electric, plug-in hybrid electric, battery electric and hydrogen fuel cell electric powertrains to support the transition to greater zero emissions transport,” it said in a statement following the reports.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
