Toyota aims to produce 600,000 electric cars in 2025
Toyota has revealed an ambitious plan to grab a sizeable chunk of the global electric car market. As the Japanese automaker is chasing to compete with tough rivals like Tesla and BYD, the company has reportedly revealed that it aims to produce 600,000 electric cars in 2025 under both the Toyota and Lexus brands, which is a three-fold increase from its previous goal of making 190,000 EVs in 2024. Nikkei Asia has reported that the automobile giant sold 24,000 electric cars in 2022 and aims to sell 150,000 EVs in 2023. The automaker has reportedly informed its major suppliers about the new production target.
Despite being a major global player, Toyota has been a bit shy in its journey in the battery-electric vehicle segment. Instead, the automaker has always advocated for variable greener powertrain solutions rather than focusing solely on battery-powered pure EVs. However, with the rapidly changing scenarios and increasing consumer preference towards BEVs, Toyota is changing its pace in the segment and aiming to compete with leading brands like Tesla and BYD, who have already grabbed sizeable chunks in the global BEV market. The latest revision of the production strategy for EVs comes as a part of that plan. Also, this comes shortly after Toyota revealed its high-tech next-generation electric vehicle production line in Japan.
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The report has stated that Toyota is aiming to increase its sales multi-fold in the US market where its pure EV sales are a fraction of what Tesla retails. Also, sales of Toyota EVs in the US are considerably lower than Ford and General Motors. Toyota might be among the top electrified vehicle sellers in the US, but the pure EV sales appear bleak. But with as many as 10 new Toyota and Lexus electric cars in the pipeline, which could launch by 2026, the automobile group is planning to catch up with its rivals.
However, even if Toyota meets its target of producing 600,000 electric cars in 2025, the auto company might still remain far behind Tesla, BYD and others. Tesla has already revealed its plan to produce 18 lakh units of electric vehicles in 2023. Also, with the plan to expand its Giga factory network globally, Tesla is aiming to ramp up its production volume significantly.
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