Toyota, the world's largest automaker, is trying to keep up with the global electric vehicle trend by launching 10 new electric models by 2027, triple the current number. The plan comes as the company faces increasing competition from rivals such as BYD.
Toyota plans to offer a total of 15 electric vehicle models globally by 2027, up from five currently, according to a Nikkei report. The company will also expand production of electric vehicles to markets such as the United States, Thailand, and Argentina to minimize tariffs and shorten delivery times.
Although Toyota's electric vehicle sales rose 34% last year, with nearly 140,000 units sold, the company is still rapidly losing market share. By comparison, BYD sold more than 166,000 electric vehicles in March and 416,388 in the first quarter of 2025, up 39% from the same period a year earlier.
In the US, Toyota currently offers electric SUVs, such as the bZ4X and Lexus RZ. Starting in 2026, it will start producing three-row electric SUVs in Kentucky and Indiana and will ship batteries from a new plant in North Carolina.
In Europe, three new Toyota electric SUVs, including the bZ4X, C-HR+, and Urban Cruiser, will be produced in Japan starting in September. A next-generation Lexus EV is also expected to be produced at the Tahara plant in Japan around August 2027.
Meanwhile, BYD is expanding internationally with plans to build more factories in Brazil, Mexico, Türkiye, Indonesia, and Hungary. Toyota will also produce an electric version of its Hilux pickup truck in Thailand to compete with BYD models in the region.
Toyota recently launched its low-cost electric car, the bZ3X, in China, with a starting price of just over $15,000. The car received more than 10,000 orders within an hour of its launch. Toyota plans to produce around 800,000 electric vehicles by 2026, which is down nearly 50% from its original target of 1.5 million but still much higher than the 140,000 sold in 2024.