Toyota Motor is set to supercharge its production of electric vehicles, revealing an annual target of more than 600,000 vehicles to roll off its production lines in 2025.
The Nikkei newspaper reported that the Japanese automaker plans to step up production of EVs carrying both its Toyota and luxury Lexus brands over the next two years.
The company has previously said it was targeting sales of 1.5 million EVs annually by 2026 and 3.5 million, or about one-third of current global volume, by 2030.
Toyota last year sold fewer than 25,000 EVs, including of its Lexus brand, worldwide.
It had sought to raise EV production to about 150,000 vehicles in 2023 and gradually increase it further to the 190,000-vehicle range next year, Nikkei said.
- Reuters with additional editing by Sean O’Meara