TOKYO, Japan: Toyota Motor (7203.T) is ramping up its manufacturing of electrical automobiles (EVs) underneath each the Toyota and luxurious Lexus manufacturers, based on a report by the Nikkei newspaper this week.
The Nikkei report means that the Japanese automaker plans to considerably improve its output of battery-powered automobiles within the coming years to supply greater than 600,000 EVs yearly by 2025. Toyota has chosen to not touch upon the report right now.
Previously, the corporate had introduced its ambition to realize gross sales of 1.5 million EVs yearly by 2026 and finally, by 2030, attain a milestone of three.5 million EVs bought, which might account for roughly one-third of the present international market quantity.
In 2022, Toyota bought fewer than 25,000 EVs worldwide, together with these from its Lexus model. The firm had already set targets to extend EV manufacturing to round 150,000 automobiles in 2023, with gradual increments anticipated to succeed in the vary of 190,000 automobiles subsequent yr, as reported by Nikkei.