Car manufacturers around the globe have been ratcheting back electric vehicle plans. But Toyota appears to be leaning in. The brand has not confirmed any future vehicle policy changes yet. But according to a report from Nikkei, Toyota is planning to build 1 million EVs per year by the end of 2027 and 800,000 EVs by 2026.
Technically, Toyota is scaling back a previous target, which had called for 1.5 million EVs by 2026. But this would still mark a rapid expansion of Toyota’s current output, around 140,000 EVs globally. And excitingly, it would involve an expansion beyond the current Toyota bZ4X/Lexus RZ footprint with ten new electric vehicles launching by 2027. Not all of those vehicles will make it to the U.S. But a significant number of them should have a good shot.
Key Takeaways
- Toyota is planning to build 1 million EVs per year by 2027
- That reduced target is still a dramatic expansion from the current 140,000 per year
- New Toyota EVs could include an electric pickup and an electric Land Cruiser
- New Lexus offerings could include an electric ES and a new electric sports coupe
- Toyota also plans to move more EV production to North America
New Toyota EVs Coming By 2027
Toyota has confirmed it is building a new three-row electric SUV in Indiana. It should be an electric take on the Grand Highlander. It will source its batteries from North Carolina and (if it still exists by then) be eligible for a federal tax credit. Reporting and teasers from Toyota have given a picture of Toyota’s future EV plans beyond that.
Toyota is reportedly working on a new compact SUV with Subaru. Toyota teased a silhouette that resembles the Land Cruiser SE concept, suggesting an electric Land Cruiser SUV may be en route. Toyota also showed the silhouette of an electric truck. We’ve seen electric truck concepts from Toyota for an electric Tacoma and a smaller unibody EPU pickup. All three of those vehicles sound intriguing.
New Lexus EVs Coming By 2027
At least at one stage, Lexus was planning to be an all-electric brand in major markets by 2030. At the very least, we should see Lexus lean much harder into new EVs. Lexus will likely get a version of the American-built three-row crossover to be an electric counterpart to the Lexus TX. A reported roadmap beyond that for the next two years includes an electric Lexus ES sedan, a Lexus electric coupe, and what may be a Lexus version of the reported Toyota/Subaru compact SUV. It’s also possible that Toyota will take a cue from its combustion lineup and bring over the electric Land Cruiser to America as a Lexus.
TopSpeed’s Take
Regime change in America has injected incredible instability into the automotive and EV markets. Toyota may be among the brands most exposed to Trump tariffs. That makes projecting the short-term horizon difficult, especially for America.
Toyota already has a North Carolina hybrid/EV battery plant coming online. And the Nikkei report suggests plans to move EV production to North America. Better battery tech could help Toyota build more affordable EVs and a wider range of vehicle types. There is potential for a bright Toyota-led electric future. How and when we get there may be foggy at the moment.
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