Although Toyota is showing Zero interest in selling electric vehicles in India, it’s now going bullish on the US EV market. Toyota has set a new ambitious target to produce 600,000 electric vehicles globally by 2025. This plan demonstrates Toyota’s aim to catch up with EV leaders like Tesla as the auto industry shifts towards electrification.
Toyota’s new goal of 600,000 EVs in 2025 is a significant three-fold increase from its previous target of selling 190,000 electric cars by 2024. This highlights the automaker’s accelerated timeline for electrification. In 2022, Toyota sold only 24,000 EVs globally. It now aims to sell 150,000 in 2023 on its path to the 2025 target.
Focus on Boosting US EV Sales
A key component of Toyota’s plan is boosting EV sales in the United States, where it has lagged behind competitors. While Tesla dominates the US EV market, other automakers like Ford, GM, and Hyundai-Kia have also outpaced Toyota’s EV sales domestically. Meeting the 2025 target will require Toyota to rapidly expand its EV lineup and sales in the US market.
10 New BEV Models by 2026
To drive growth, Toyota plans to introduce 10 new battery electric vehicles across its Toyota and Lexus brands by 2026. This will build on existing models like the bZ4X SUV and upcoming bZ3 sedan. The new product rollout will help Toyota transition more of its gasoline vehicle customers to electric models.
Despite its ambitious production target, Toyota is likely to continue trailing category leader Tesla. Tesla plans to manufacture 1.8 million EVs in 2023, three times Toyota’s 2025 objective. But Toyota’s roadmap demonstrates its commitment to large-scale EV adoption amidst the industry transition.
With new EV models in the pipeline and expanding production plans, Toyota aims to evolve from a hybrid leader to a major battery-electric player. Though lagging today, Toyota’s size and scale could make it a force in EVs in the coming years.
