Japanese finance newspaper, Nikkei reports Friday that automaker, Toyota Motor Corp. (NYSE:TM) will increase production speed on its Toyota and luxury brands.
According to the Nikkei report, the Japanese car manufacturer was expected to ramp up its production of electric vehicles in the coming years, aiming to achieve an annual production output of over 600,000 vehicles by 2025.
The company previously announced its goal of achieving annual sales of 1.5 million EVs)by 2026 and reaching a total of 3.5M EVs, approximately one-third of the current global volume, by 2030.
By contrast, Toyota sold fewer than 25,000 EVs, including those under its Lexus brand, worldwide last year.
According to Nikkei, Toyota aimed to increase its EV production to approximately 150,000 vehicles in 2023 and gradually expand it to the range of 190,000 vehicles next year.
Shares of TM are up 1.16% in morning trading on Friday.