06:50 AM EDT, 04/07/2025 (MT Newswires) -- Toyota Motor ( TM ) plans to offer 15 electric vehicle models and produce one million EVs a year by 2027, compared with the five models it now offers and the 140,000 EVs it sold in 2024, Nikkei reported late Sunday.

The report said the company plans to produce the EVs in China, Southeast Asia, the Americas, and Japan.

Expanding production to the US, Argentina, and Thailand will reduce foreign exchange and tariff risks as well as speed deliveries, according to the report.

The company now expects an EV production volume of 800,000 vehicles in 2026, down 50% from its initial forecast, the report said.

Toyota ( TM ) did not immediately reply to MT Newswires' request for comment.

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