According to a report by Nikkei on Sunday, Toyota is targeting a significant expansion of its electric vehicle (EV) lineup, the Japanese automaker Toyota announced through Nikkei on Sunday that they plan to develop 15 of their EV models by 2027. Japanese automobile leader plans to manufacture 1 million EVs per year during that period.

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Toyota maintained silence regarding the report since the information failed to receive official company approval. Toyota produces its five in-house made EV models exclusively through its Japanese and Chinese plants.

According to the report Toyota intends to establish three new EV production plants in United States and Thailand and Argentina. The strategic expansion that Toyota advances seeks to combat future tariff changes and currency rate volatility and achieve faster customer delivery in major markets. The reported 15 EV models for 2027 production include Lexus-branded vehicles in addition to other Toyota vehicle models.

Also Read | Toyota to unleash nine new electric models in Europe by 2026

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According to the Nikkei Toyota expects its 2026 EV production to total 800,000 units while reducing its yearly objective from 1.5 million to 800,000.

During 2024, Toyota shifted up its global EV sales to 140,000 units while experiencing a 33% surge from the previous year levels. The number of electric vehicles Toyota sold only reached 2% of its overall 10 million vehicle international sales.

The reported targets indicate Toyota's speeded-up dedication to electric vehicles while its public statements display conservative tendencies. For successful competition in the changing global automotive industry Toyota needs both product variety expansion and enhanced manufacturing capability of EVs. It is aiming to have approximately 15 EV models developed in-house by 2027. The Japanese automaker also has a goal of producing around 1 million EVs annually by that time.

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While Toyota declined to comment on the report, stating that the information had not been officially announced by the company, the Nikkei's details suggest a substantial shift in Toyota's EV strategy. Currently, Toyota has five in-house developed EV models, with manufacturing limited to plants in Japan and China.

The report indicates that Toyota plans to expand its EV production to include facilities in the United States, Thailand, and Argentina. This strategic move is likely intended to mitigate risks associated with tariffs and foreign exchange fluctuations, as well as to reduce delivery times in key markets. The 15 EV models expected by 2027 will reportedly include vehicles under Toyota's luxury brand, Lexus.

Interestingly, the Nikkei also reported that Toyota now anticipates producing about 800,000 EVs in 2026, a nearly 50% reduction from its previous target of 1.5 million units for that year.

In 2024, Toyota sold nearly 140,000 EVs globally, representing a roughly 33% increase compared to the previous year. However, this volume accounted for less than 2% of the company's total global sales, which exceeded 10 million vehicles.

These reported targets suggest a significant acceleration in Toyota's commitment to the electric vehicle market, although the company remains cautious in its official pronouncements. The expansion of both EV models and production capacity will be crucial for Toyota to compete effectively in the rapidly evolving global automotive landscape.