Toyota was fashionably late to the party regarding EV production. Still, the Japanese automaker wants to make up for lost time. The latest news suggests that Toyota will triple its lineup of EVs and shoot for seven-figure electric vehicle production by 2027. 

Toyota may jump to 15 different EVs on its way to producing one million electric cars by 2027

Toyota took a “maybe I will, maybe I won’t” approach to electrification. Unlike Volkswagen and GM, the Japanese brand didn’t plunge in feet-first. But that’s about to change. Japanese media outlet Nikkei reported that the titan automaker would boost its production of EVs. The move is in line with Toyota’s intent to produce one million cars per year by 2027. 

Right now, Toyota has just five EVs in its high-voltage library. However, the Nikkei report suggests that the automaker will up that number to 15 by 2027, effectively tripling its global EV lineup. It’s indicative that, while Toyota clearly values its hybrid market, the massive car brand is putting a renewed focus on its EV-producing efforts.

The news follows Toyota’s recent difficulty in keeping up with global demand for the brand’s hybrids. In the United States, would-be hybrid buyers are waiting months for the automaker’s most popular hybrid options, like the RAV4 Hybrid, Prius, and Camry. Elsewhere, like in the Indian market, car shoppers are waiting as much as nine months to get their hybrids.

Toyota’s EVs account for a very small percentage of the brand’s global sales

Last year, Toyota sold around 140,000 EVs worldwide. While that’s a noteworthy increase of about one-third over 2023, it’s a very small part of Toyota’s global sales makeup. All in all, electric vehicles make up just 2% of the Japanese automaker’s worldwide sales, which total over 10 million.

However, Toyota may be on track to bump its 140,000 EV sales up to 800,000 units by 2026. While that’s half of what it previously intended to sell, it’s a sizable increase from last year.