Toyota Triples Electric Vehicle Production Target

Toyota informed its suppliers of the new sales target as it aims to compete with leading EV makers — Tesla and BYD. The Japanese automaker has informed its major suppliers of a new target of making 600,000 EVs in 2025, a three-fold increase from its earlier goal of churning 190,000 EVs in 2024, reported Nikkei.

But according to the report, Toyota only sold 24,000 EVs in 2022 and plans to sell 150,000 EVs in 2023. This represents just a fraction of the EVs sold annually by Tesla and BYD. To counter this, Toyota will reportedly launch new electric vehicles in coming years which include an electric Hilux, and new EV SUVs in China & USA which also include a 3-row electric SUV.

Tesla EVs

Even if Toyota reaches its goal, it may still lag far behind Tesla, BYD, and other EV makers. Tesla anticipates producing 1.8 million electric vehicles (EVs) in 2023 and is looking to increase the presence of its Giga factories around the world, including a new plant in Mexico and possibly India to produce a mass-market EV with an estimated price of $24,000.

Related: Toyota Chairman Akio Toyoda Driving a Honda HR-V

On the other hand, BYD has recently celebrated achieving 5 million units of its NEVs. Interestingly, it took BYD a year to reach 2 million NEV units after passing the 1 million mark in May 2021. Six months later, it had hit 3 million already. That record has since been completely smashed by BYD, which produced 2 million units in just 9 months, at an average production rate of 7,407 cars per day. That is an incredible vehicle production record that speaks for itself.

2023 Munich Auto Show IAA Mobility

Toyota recently unveiled its demonstration line for the next generation of EVs. The announcement included several upgrades to its factories throughout Japan, including manufacturing capabilities modeled after those of Tesla, including giga casting, a three-part modular structure, a solid-state battery development line, and others.

Related: Toyota ‘Land Hopper’ Trademark Filed in Japan

According to Toyota, its tried & tested production system together with traditional methods blended with modern practices will help optimize the production process and will speed up operations to produce a large number of EVs to help the Japanese automaker position itself more competitively against the likes of Tesla & BYD.

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