Toyota Motor Corporation (NYSE:TM) will reportedly speed up the production of electric vehicles of its Toyota and luxury Lexus brands.
The Japanese auto behemoth was likely to step up production of battery-powered vehicles over the coming years to reach an annual output of more than 600,000 vehicles in 2025, Reuters said in a news report citing Nikkei newspaper.
The company has initially said it targets sales of 1.5 million EVs yearly by 2026 and 3.5 million by 2030, the report added.
Toyota has recently been in the headlines owing to its plans to introduce a next-generation BEV production line with a new modular structure. Half of the process will involve self-propelled production, prompting significant investment.
Related: Revolutionizing The Road: Toyota Unveils New Approach To Manufacturing
The company is also reportedly working on its prototype equipment for the Giga casting technology, which improves the quality of castings, thereby reducing the number of defective products.
In the last reported quarter, Toyota said it sees a sales volume of 9.6 million and projects total retail unit sales of 11.4 million in FY24.
Price Action: TM shares are trading higher by 1.11% to $188.37 on the last check Friday.
