Toyota to Boost EV Models by 2027 & Achieve Production of 1 Million Units

Toyota aims to boost its electric vehicle lineup by adding 15 models by 2027 and achieve an annual production capacity of 1 million units, as stated by Nikkei on Sunday. Currently, this Japanese automaker has 5 electric models in its portfolio. While Toyota is the world’s largest automaker and has seen 34% YoY growth, it sold only 140,000 units globally last year.

Other players in the EV segment performed incredibly, including Tesla, which sold 1.79 million units, and BYD, which had global sales of 1.76 million units. Even Volkswagen sold around 740,000 units of its electric vehicles.

Seeing increasing demand for electric vehicles in the global market, the automaker has now announced extending its EV lineups by 2027 and 7x its production capacity. Toyota has five electric models developed in-house and manufactured in Japan and China plants.

The automaker aims to expand its production to the US, Thailand, and Argentina to hedge against tariff and foreign exchange risks. This step would also reduce the delivery time and improve customer service in global markets.

The 15 EV models will not only be manufactured and sold under Toyota’s branding but some models will also be offered under the automaker’s luxury unit, Lexus. The Japanese automaker expects to produce 800,000 units in 2026, dropping 50% from the original plan.

Previously, Toyota aimed to sell around 1.5 million EVs annually by 2026 and 3.3 million by 2030. In 2024, the automaker reported that it sold 140,000 units of EVs globally, showcasing 33% growth from the previous year. It also mentioned that EV sales accounted for less than 2% of its combined global sales of over 10 million units.