Toyota is making bold moves in the electric vehicle industry. The company plans to triple its range of electric vehicle (EV) models by 2027 and increase its production to one million EVs per year. This target is seven times more than what it expects to produce in 2024, showing a strong shift in focus toward electric mobility.
To support this growth, the Japanese manufacturer is expanding its EV production beyond Japan and China, where it currently builds electric cars. The automaker is setting up production in the United States, Thailand, and Argentina. This expansion is aimed at protecting the company from currency fluctuations and import tariffs while also speeding up delivery times to customers in different regions.
Several new electric models are already in the pipeline. One of them is the C-HR+, an electric SUV coupé, which will begin production in Japan in September 2025. It will be sold in Japan, North America, and Europe. Additionally, a three-row electric SUV is set to be built in Kentucky starting in 2026. Toyota is also preparing to launch an electric version of the Hilux pickup truck, with production beginning in Thailand in October 2025 and later expanding to Argentina to serve the South American market.
Further developments include a next-generation electric Lexus, which will be produced at the Takaoka plant in Japan starting in 2027. Toyota is also working with Subaru to develop a new electric SUV, scheduled to enter production at Subaru’s Yajima plant in early 2026. On top of that, a model called the Urban Cruiser, developed in partnership with Suzuki, will be released in Europe.
While Toyota’s EV sales grew by 34 percent in 2024, reaching 140,000 units, this figure still falls behind other major brands. Due to slower-than-expected demand, Toyota has adjusted its production plans. The company now forecasts producing 800,000 EVs in 2026, down from its earlier estimate of one million units.
Partnerships continue to play a big role in Toyota’s EV strategy. Subaru, for example, uses Toyota’s electric vehicle platform for its Solterra model. Similarly, the collaboration with Suzuki is helping Toyota introduce more models to the European market.
Overall, Toyota’s efforts to globalize its electric vehicle production reflect a growing commitment to the future of clean transportation. With a wide range of new models and a broader manufacturing network, the company is taking important steps to compete in the rapidly evolving EV market.
Toyota’s upcoming models will have to compete with existing ones from startups like Rivian Automotive Inc. (NASDAQ: RIVN) on the American market and other key markets around the world.
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