Toyota plans to increase EV production and aim to produce over 600,000 vehicles by 2025.
TOKYO — It was reported on Friday by the publication Nikkei that Toyota Motor will increase the pace at which electric vehicles under its luxury Lexus and Toyota brands are produced.
According to a report published in Nikkei, the Japanese manufacturer plans to increase the number of battery-powered vehicles it produces annually over the next few years, with a target of producing over 600,000 units annually by 2025.
Toyota opted not to respond to the report.
Prior statements from the firm indicate that it hopes to sell 1.5 million EVs a year by 2026 and 3.5 million, or roughly one-third of the current worldwide number, by 2030.
Less than 25,000 EVs, including models under the Lexus brand, were sold globally by Toyota last year.
According to Nikkei, the goal was to grow EV production to roughly 150,000 vehicles by 2023 and then progressively increase it to 190,000 vehicles the following year.
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