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Toyota Motor Corp. plans to increase its production of electric vehicles to around 600,000 in 2025, more than three times the number of units expected to be produced in 2024, it has been learned.
The automaker plans to expand its production capacity for EVs in stages to reach its target of selling more than 1.5 million vehicles worldwide, according to sources.
Toyota plans to begin producing an electric sport utility vehicle in 2025 at its Kentucky plant in the United States. With the popularity of SUVs in the U.S., the move is expected to help the carmaker increase its EV sales.
Toyota sold about 38,000 EVs in fiscal 2022 and is aiming to sell about 202,000 in fiscal 2023. The company intends to invest more in EVs while increasing its profitability through a broad production strategy, which includes gasoline-powered and hybrid vehicles.
