Toyota Expects EV Sales To Double, And It’s Trying To Keep Up With New Models

Toyota made a promise a few years ago to have an electrified version of each model in its lineup – either hybrid or fully electric – by the end of 2025, and it’s on track to meet that goal. It’s paying off, as around 80% of sales between Toyota and Lexus are already electrified in some way, so it’s only going to improve, thanks in no small part to cars like the Prius and Camry.

Now, the automaker projects EV sales in the U.S. will likely double by the end of the decade, and it has plans to introduce plenty of new products to keep up – a major reversal of the position it was peddling just a few short years ago, where some executives claimed the shift to electric vehicles was overhyped.

The State Of Electrified Toyota Right Now

Sales of Toyota’s hybrids are skyrocketing, helped by the fact that the Prius looks good now, the Camry lineup has gone completely electrified as hybrids, and the RAV4 will follow suit with a fresh lineup of hybrids for its updated model year. However, the Japanese automaker only sold around 30,000 EVs in the U.S. in 2024, which is far below its typical sales expectations for traditional vehicles that range in the hundreds of thousands.

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Still, the company believes EVs are the future, and that the share of EV sales in the U.S. is likely to double in the next five years. EVs accounted for 1.3 million vehicle sales in the U.S. in 2024.

Toyota’s Coming EV Lineup Sounds Good

To keep up with that growing demand, there will be a lineup of seven fully electric vehicles offered in the U.S. by 2027 between Toyota and Lexus. Currently, there’s the recently-renamed Toyota bZ SUV on offer, and its related Lexus RZ SUV. Those will stick around indefinitely, and Toyota will introduce the bZ Woodland version, and the recently-revealed C-HR EV to the U.S., both in the coming year. By 2027, we should expect an all-electric trim of the lovely new Lexus ES, joined by two new EVs that will be produced stateside.

Toyota’s American Production Is Growing

Toyota’s Georgetown, Kentucky, plant will get one of the still-mysterious EVs, and another will be assembled at the company’s Princeton, Indiana, facility. Toyota also has a Liberty, North Carolina battery facility that will eventually have the capacity to turn out 300,000 all-electric vehicle batteries for new models, though that will be less, as the plant capacity is split to also produce hybrid and plug-in hybrid vehicle batteries, as well.

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Toyota Makes Bold Prediction For The Future Of EV Sales

Toyota and Lexus are growing their electrified lineups and expect to gain 7 times more EV sales than they accomplished in 2024.

In an interview with Bloomberg, senior VP Cooper Ericksen at Toyota said: “We’ll sell a little bit more every year and grow with the market. But we have to think about how many Canada will use, how many the U.S. will use, and we can then export to other global destinations.” That means Toyota is looking into exporting those two new EVs it’ll produce stateside to other markets.

Source: Bloomberg via Automotive News