Toyota aiming for over 600,000 electric vehicles by 2025

Robert Besser
26 Sep 2023, 17:20 GMT+10

Toyota Motor (7203.T) is ramping up its production of electric vehicles under both the Toyota and luxury Lexus brands
The Nikkei report suggests that the Japanese automaker plans to significantly increase its output of battery-powered vehicles in the coming years to produce more than 600,000 EVs annually by 2025
Previously, the company had announced its ambition to achieve sales of 1.5 million EVs annually by 2026 and eventually, by 2030, reach a milestone of 3.5 million EVs

TOKYO, Japan: Toyota Motor (7203.T) is ramping up its production of electric vehicles (EVs) under both the Toyota and luxury Lexus brands, according to a report by the Nikkei newspaper this week.

The Nikkei report suggests that the Japanese automaker plans to significantly increase its output of battery-powered vehicles in the coming years to produce more than 600,000 EVs annually by 2025. Toyota has chosen not to comment on the report at this time.

Previously, the company had announced its ambition to achieve sales of 1.5 million EVs annually by 2026 and eventually, by 2030, reach a milestone of 3.5 million EVs sold, which would account for roughly one-third of the current global market volume.

In 2022, Toyota sold fewer than 25,000 EVs worldwide, including those from its Lexus brand. The company had already set targets to increase EV production to around 150,000 vehicles in 2023, with gradual increments expected to reach the range of 190,000 vehicles next year, as reported by Nikkei.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Business Sun.

More Information

27 ℃

Mostly Cloudy in Seletar

Financial Markets

Section

Wall Street loses ground Wednesday, U.D. dollar gains

NEW YORK, New York - A decline in labor costs as measured by ADP failed to boost U.S. Markets Wednesday."ADP's ...

Tech stocks outperform Tuesday, Nasdaq Composite gains

NEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...

U.S. stocks start week in divided territory, dollar jumps

NEW YORK, New York - U.S. stocks closed mixed on Monday following on from last week's volatility."Digestion is the word ...

US economy grew faster than forecast in third quarter

WASHINGTON D.C.: As businesses built more warehouses and accumulated machinery equipment, the U.S. economy grew faster than initially forecast in ...

Cyclone Michaung: Schools and colleges to remain closed in four TN districts today

Chennai (Tamil Nadu) [India], December 7 (ANI): The Tamil Nadu government announced a holiday for all schools and colleges in ...

Poll harvest in 5 states, central schemes discussed at meeting of BJP national general secretaries: Sources

By Toshi MandolaNew Delhi [India], December 7 (ANI): The national general secretaries of the BJP on Wednesday came together for ...

Technology

Section

Movie Review

The Circus

Circus