Toyota plans to triple its EV output to 600,000 vehicles in 2025

Toyota sold only 24,000 EVs in 2022.Toyota Motor plans to triple its electric vehicle production target in 2025 to 600,000 vehicles. In the interim, Toyota has set a production target of 190,000 battery-powered vehicles for 2024 as it prepares to carry out its electrification plans.The EV production target could make Toyota a stronger competitor to global EV segment leaders Tesla and BYD.

Toyota offers only one fully-electric model in the U.S. — the bZ4X SUV. Although the inventory of the bZ4X is limited, the company is getting ready to launch several new EVs in 2024, including an SUV under its luxury brand Lexus.

Toyota’s future EVs will feature advanced batteries delivering driving ranges of 1,000 km (621 miles) or more, the company said.

The new EVs will be built at two of its main plants in the city of Toyota, Japan, and at a Lexus factory in Kyushu, according to Nikkei. Toyota will also launch its first U.S.-assembled battery electric vehicle — a three-row SUV — in Kentucky, with production slated to begin in 2025.

Toyota further intends to introduce solid-state batteries for 2027-2028 model-year EVs. The batteries currently in development could offer a driving range that is 50% more than the battery-electric vehicles on the road today, according to the company.

Toyota plans to invest more than $70 billion in electrification by 2030, with hybrid and fully electric models accounting for up to 70% of the company’s U.S. sales by 2030.