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Toyota to speed up EV production, aims for over 600,000 vehicles in 2025 - Nikkei

Published 09/22/2023, 04:35 AM
Updated 09/22/2023, 05:16 AM
© Reuters. FILE PHOTO: A Toyota EV car is seen at the Bangkok International Motor Show in Bangkok, Thailand, March 30, 2022. REUTERS/Soe Zeya Tun

TOKYO (Reuters) -Toyota Motor will speed up production of electric vehicles of its Toyota (NYSE:TM) and luxury Lexus brands, the Nikkei newspaper reported on Friday.

The Nikkei report said the Japanese automaker was likely to step up production of battery-powered vehicles over the coming years to reach annual output of more than 600,000 vehicles in 2025.

Toyota declined to comment on the report.

The company has previously said it targets sales of 1.5 million EVs annually by 2026 and 3.5 million, or about one-third of current global volume, by 2030.

Toyota last year sold fewer than 25,000 EVs, including of its Lexus brand, worldwide.

It sought to raise EV production to about 150,000 vehicles in 2023 and gradually increase it further to the 190,000-vehicle range next year, Nikkei said.

Latest comments

It is the time to transition NEV as Toyota has begun to transform. That will bring growth for charging industry. Focus on NaaS (NASDAQ:NAAS), one of the world's leading charging companies.
Can't they make a vehicle with a compartment to hold the battery, to make it easy to remove and replace  the battery  when it dies?  The resale value on these vehicles, for now, must be horrible with the cost of battery replacement.  Swap it out like you do with a drill.
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