NAGOYA, Japan — Toyota Motor plans to triple electric vehicle production in 2025 from its 2024 plan, Nikkei has learned, as the automaker steps up its electrification push to catch up to rivals including Tesla and BYD.
The automaker notified major parts suppliers of its plans to boost production of Toyota and Lexus brand EVs to 600,000 units in 2025. The production target for 2024 is set at 190,000 units. Toyota sold 24,000 EVs in 2022.