Toyota is all set to boost EV models to 15, aiming at producing around 1 million by 2027
On 7th April 2025, Toyota Motor Corporation is a Japanese multinational automotive manufacturer. One of the largest automobile manufacturers in the world, Toyota is credited with producing around 10 million vehicles annually.
To strengthen its presence in the electric vehicle (EV) market, Toyota Motor Corporation has announced a strategic plan to extend its EV product lineup by 2027 by introducing about 15 new in-house developed models. The automotive giant aims to produce roughly 1 million EV units per year with this move within the same timeframe.
Toyota is very well known for its initiative in hybrid technology along with a reputation for reliability, but it has had to face criticism for lagging in the electric vehicle segment. The announcement of boosting 15 EV models highlights its intent to accelerate its electrification.
According to sources, Toyota will be expanding its EV manufacturing base to regions like the United States, Thailand, and Argentina. It will prove to be a crucial move in ensuring fast deliveries to key markets. Some of the new models to be launched would include vehicles under the Lexus brand, which is Toyota’s luxury division, thus indicating the company’s strategy to cater to both the mass market as well as premium buyers.
According to Coherent Market Insights, the Electric Vehicle market is evaluated at USD 427.02 billion in 2025. And it is anticipated to reach USD 713.07 billion by 2032. The market is expected to grow with an increasing Compound Annual Growth Rate (CAGR) of 7.6% from 2025 to 2032. The increase in environmental awareness, technological advancements, and initiatives taken by governments of different nations are some driving factors that contribute significantly to the market’s growth.
The market scenario in Asia Pacific is largely dominated by China with its aggressive policies and investments in electric vehicle manufacturing. However, other Asian countries like India, Japan, and South Korea are also working towards rapidly developing and establishing their electric vehicle ecosystems.
“The global electric vehicle market would experience a significant leap over the forecast period. This would be possible with the major market drivers such as a rise in government incentives, improvement in battery technology, and an increase in awareness among the masses. Production rates are also anticipated to rise in both developed as well as emerging markets,” says a senior analyst at Coherent Market Insights.
Source:
News outlet: Reuters
