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- Toyota accelerates EV strategy with 15 new models planned by 2027 — report
Toyota accelerates EV strategy with 15 new models planned by 2027 — report
Toyota’s urgency makes sense, as it’s now staring down competitors that are years—and millions of EV units—ahead. (3 min. read)
Marcus Amick
April 09, 2025
Toyota $TM ( ▲ 1.52% ) is aiming to be a major player in the EV market–leaning on a strategy that will help the automaker mitigate some of the challenges associated with auto tariffs.
The details: Toyota’s plan—first leaked by Nikkei Asia—involves significantly boosting its EV portfolio and expanding its electric vehicle production beyond Japan and China, where the company currently builds its EVs.
The Nikkei report—which Toyota has yet to confirm—officially includes introducing 15 electric vehicles by 2027, up from five EVs sold globally currently, including the bZ4X and Lexus RZ electric SUVs in the U.S.
The Japanese automaker will increase its EV production to about 1 million by 2027 and expand its production to the U.S., Thailand, and Argentina.
Toyota is already slated to build an all-electric SUV at its Kentucky and Indiana assembly plants starting in 2026, sourcing the batteries from a new factory in North Carolina.
Why it matters: Toyota’s been slow to ramp up EVs, especially compared to some of its rivals. But by shifting EV production beyond Japan and China—and bringing more of it to the U.S.—Toyota could be trying to insulate itself from tariff risks, qualify for EV tax credit incentives, and build a more resilient supply chain.
Between the lines: News of the Japanese automaker’s plans comes as several other automakers expand their EV strategies.
Kia unveiled its EV4 and Concept EV2 models at the brand’s 2025 Kia EV Day in Tarragona, Spain in late February, as part of its efforts to widen its electric vehicle lineup.
Honda announced in early February that it will begin production at its EV hub in Ohio in late 2025 with the all-new Acura RSX EV followed by Honda EV models based on the Honda 0 SUV and Honda 0 Saloon prototypes.
Worth noting: The recent developments in the mass-market EV segment come as Tesla—the longtime leader in the sector—continues to lose market share, opening the door for more competition.
Bottom line: Toyota’s urgency makes sense, as it’s now staring down competitors that are years—and millions of units—ahead. Tesla and BYD each sold 1.76 million EVs last year. Toyota, by comparison, hasn’t even crossed six figures. But if the automaker can scale quickly—and price correctly—it has a real shot at carving out EV share.
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