Toyota to triple electric vehicle production in race with Tesla and BYD

Japanese automaker Toyota Motor plans to triple its electric vehicle production by 2025 from a planned 2024, Nikkei news agency reported, as the automaker ramps up its electrification efforts to keep up with rivals such asTeslaandBYD.

Toyota has informed its major parts suppliers of plans to increase production of Toyota and Lexus branded electric vehicles to 600,000 units by 2025. The 2024 electric vehicle production target is 190,000 units.

Previously, in 2022, Toyota sold 24,000 electric vehicles.

Toyota's target production level for all vehicle types in 2023 is more than 10 million units, of which about 150,000tram. By 2025, the company aims to produce 11 million vehicles, meaning electric vehicles will account for 5-6% of total production.

A manager ofToyotaThe company estimates its electric vehicle sales in 2025 will be around 800,000 units, including sales by original equipment manufacturers (OEMs).

Toyota will launch a new Hilux electric vehicle in Thailand this year and electric sport utility vehicles (SUVs) in China and the United States next year.

An electric version of the Lexus ES will also be launched in Japan in 2025.

Toyota will also jointly produce electric versions of mini commercial vehicles with Suzuki Motor and its subsidiary Daihatsu Motor.

Toyota will produce electric vehicles at two of its major plants in Toyota City in Aichi Prefecture, as well as at a Lexus plant in Fukuoka Prefecture on the island of Kyushu.

In the US, Toyota's electric vehicle batteries will be primarily produced at a dedicated plant scheduled to open in 2025. Toyota will also set up battery production lines at two plants in Aichi.

In addition, Toyota will purchase additional batteries from China's leading battery maker Contemporary Amperex Technology (CATL), and the country's largest electric vehicle maker BYD.

Toyota is also in talks to buy batteries from South Korea's LG Energy Solution.