Toyota, one of the biggest carmakers in the world, is getting more serious about electric vehicles (EVs). According to a report from The Nikkei newspaper, Toyota is planning to develop about 15 new EV models by 2027 – all designed in-house. That includes luxury EVs under the Lexus brand.
While this sounds exciting, there’s a twist. Toyota has also lowered its EV production goal for 2026. Originally, the company aimed to make 1.5 million EVs per year by 2026, but now it expects to produce only around 800,000 EVs in that year – almost half of what was first planned.
Where Will These Cars Be Made?
Right now, Toyota only builds its EVs in Japan and China, but it may expand production to the U.S., Thailand, and Argentina. This could help the company:
- Avoid high import taxes (tariffs)
- Manage currency exchange rate risks
- Deliver vehicles faster to customers
EV Sales Still a Small Slice of Toyota’s Business
Even though Toyota is growing its EV efforts, electric cars still make up a tiny share of its total sales.
- In 2024, Toyota sold about 140,000 EVs globally
- That’s just under 2% of its total sales of over 10 million vehicles
The company has said before that its EV sales goals are more like “benchmarks” for investors – not hard targets.
The Road Ahead
By 2027, Toyota wants to be building 1 million electric vehicles per year. With 15 new models on the way and more countries joining its production map, the company is gearing up to compete in the fast-changing EV market.
But with big EV makers like Tesla and BYD already far ahead, Toyota still has a long way to go to catch up.