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Toyota reportedly plans to make 10 new EV models in the next 3 years
The future of electric vehicles, in the U.S. at least, is a bit uncertain: The Trump tariffs and the president’s desire to kill the EV tax credits could sink EV demand here. But overall, EV adoption is still expected to grow, and EV sales have been soaring in places like China. Toyota is reportedly looking to get in on that growth. After years of eschewing EV development in favor of hybrids, Toyota now has plans to launch 10 new electric vehicles within the next three years, according to Japanese newspaper Nikkei. Toyota has long focused on hybrid models over full EVs, though it does currently have a handful of battery electric vehicle options. For U.S. consumers, only the Toyota bZ4X and the Lexus RZ are available. (In contrast, there are more than 15 hybrids available in the U.S. under the Toyota brand, plus more than 10 under Lexus.) Across markets, Toyota has 5 EV models, but it aims to have 15 in total by 2027, Nikkei reports. Those new EVs would be produced across Japan, China, North America, and Southeast Asia. The Japanese automaker also plans to increase its EV production to 1 million vehicles by 2027. That’s more than seven times its 2024 sales. In 2024, Toyota sold nearly 140,000 EVs globally. (That’s for fully electric models; if you include hybrids and plug-in hybrids, sales topped 1 million for Toyota Motors North America alone.) That was about a 30% increase from the previous year, but still leaves Toyota behind other major EV carmakers, including Tesla (more than 1.7 million in 2024) and BYD (4.27 million). That also means EVs made up about 2% of Toyota’s global sales, Jalopnik noted, whereas these new goals could mean EVs account for 35% of Toyota’s global production, if its overall sales—which exceed 10 million vehicles—stay the same. Toyota’s current EVs, even ones sold in the U.S., are all manufactured in Japan and China. In 2023, the Japanese automaker announced it would begin to assemble a three-row battery electric vehicle at its Kentucky plant beginning in 2025, but that was pushed back to 2026. Those batteries will come from a Toyota factory in North Carolina. As part of this new push, Toyota will also begin producing EVs in Thailand and Argentina. In Japan, it will begin production of its C-HR+ SUV in September, which will be sold across Europe, North America, and Japan. In China, the carmaker will focus on low-cost vehicles like the bZ3X compact SUV, which has a starting price around $15,000. Some of Toyota’s 10 forthcoming EV models will be under its Lexus brand, Nikkei added. Toyota did not immediately respond to a request for comment. To a request from Reuters, the company declined to comment, saying “the information [in the Nikkei article] was not announced by the company.”
The future of electric vehicles, in the U.S. at least, is a bit uncertain: The Trump tariffs and the president’s desire to kill the EV tax credits could sink EV demand here. But overall, EV adoption is still expected to grow, and EV sales have been soaring in places like China.
Toyota is reportedly looking to get in on that growth. After years of eschewing EV development in favor of hybrids, Toyota now has plans to launch 10 new electric vehicles within the next three years, according to Japanese newspaper Nikkei.
Toyota has long focused on hybrid models over full EVs, though it does currently have a handful of battery electric vehicle options. For U.S. consumers, only the Toyota bZ4X and the Lexus RZ are available. (In contrast, there are more than 15 hybrids available in the U.S. under the Toyota brand, plus more than 10 under Lexus.) Across markets, Toyota has 5 EV models, but it aims to have 15 in total by 2027, Nikkei reports. Those new EVs would be produced across Japan, China, North America, and Southeast Asia.
The Japanese automaker also plans to increase its EV production to 1 million vehicles by 2027. That’s more than seven times its 2024 sales.
In 2024, Toyota sold nearly 140,000 EVs globally. (That’s for fully electric models; if you include hybrids and plug-in hybrids, sales topped 1 million for Toyota Motors North America alone.) That was about a 30% increase from the previous year, but still leaves Toyota behind other major EV carmakers, including Tesla (more than 1.7 million in 2024) and BYD (4.27 million).
That also means EVs made up about 2% of Toyota’s global sales, Jalopnik noted, whereas these new goals could mean EVs account for 35% of Toyota’s global production, if its overall sales—which exceed 10 million vehicles—stay the same.
Toyota’s current EVs, even ones sold in the U.S., are all manufactured in Japan and China. In 2023, the Japanese automaker announced it would begin to assemble a three-row battery electric vehicle at its Kentucky plant beginning in 2025, but that was pushed back to 2026. Those batteries will come from a Toyota factory in North Carolina.
As part of this new push, Toyota will also begin producing EVs in Thailand and Argentina. In Japan, it will begin production of its C-HR+ SUV in September, which will be sold across Europe, North America, and Japan. In China, the carmaker will focus on low-cost vehicles like the bZ3X compact SUV, which has a starting price around $15,000. Some of Toyota’s 10 forthcoming EV models will be under its Lexus brand, Nikkei added.
Toyota did not immediately respond to a request for comment. To a request from Reuters, the company declined to comment, saying “the information [in the Nikkei article] was not announced by the company.”
