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Toyota reportedly plans to have approximately 15 electric vehicle (EV) models developed in-house by 2027, with an annual production target of approximately one million cars, reported Nikkei Asia.
Toyota has not officially commented on the information, stating it has not been announced by the company.
Currently, Toyota has developed five EV models in-house, with production limited to Japan and China.
The company is considering expanding production to the US, Thailand, and Argentina.
This strategy could help mitigate tariff and foreign exchange risks while also reducing delivery times.
The planned 15 EV models will include options under its Lexus luxury brand, the business daily reported.
Despite the new developments, Toyota's production expectations for 2026 have been adjusted downwards to about 800,000 units, which is nearly a 50% decrease from its original plan.
The company had previously indicated its intention to sell 1.5 million EVs annually by 2026 and 3.5 million by 2030.
In 2024, Toyota's global EV sales rose by a third from the previous year, reaching nearly 140,000 units.
However, this figure represented less than 2% of its total global sales, which exceeded ten million vehicles.
Last month, Toyota reported a 9.5% increase in global group sales, totalling 825,217 vehicles for February 2025. This included sales from its Daihatsu and Hino subsidiaries.
A significant 52% rebound in Japan contributed to this rise, with sales reaching 177,968 units, recovering from lower levels in the previous year.
Overseas sales experienced a modest increase of just under two percent, amounting to 647,249 units.
Furthermore, Toyota is planning to establish its first research and development (R&D) centre in India, a move aimed at boosting sales in the world's third-largest vehicle market.
Toyota Kirloskar Motor, the automaker's local manufacturing subsidiary, intends to construct the new R&D facility in Bengaluru, near the company's vehicle assembly plant in Bidadi.
The centre is expected to become operational in 2026, initially employing 200 people and eventually expanding to 1,000 engineers.
"Toyota targets 1m EVs pa by 2027 – report " was originally created and published by Just Auto, a GlobalData owned brand.
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