Toyota to boost EV models to 15, targets producing 1 million by 2027, says Nikkei

TOKYO: Toyota aims to have about 15 electric vehicle models developed on its own by 2027 and is targeting production of about 1 million cars a year by then, the Nikkei newspaper said on Sunday.

Toyota declined to comment, saying the information was not announced by the company.

Toyota has five EV models developed in-house, manufacturing them only in Japan and China, the Nikkei said.

Expanding production to the United States, Thailand and Argentina can help hedge against tariff and foreign exchange risks and cut delivery times, it added.

The 15 EV models include some under its Lexus luxury brand, the business daily said. Toyota now expects to produce about 800,000 units in 2026, effectively down nearly 50% from its original plan, Nikkei added.

Toyota has previously said it intended to sell 1.5 million EVs per year by 2026 and 3.5 million by 2030, calling the numbers benchmarks for shareholders rather than targets.

In 2024, it sold almost 140,000 EVs globally, up by about a third from a year earlier. They accounted for less than 2% of its total global sales of over 10 million.