Assuming the report is accurate, then Sato’s long-term BEV strategy is already in progress. Furthermore, Toyota has plans to build a battery factory in nearby North Carolina sometime in 2025 as well. Like other automakers such as Ford and Hyundai, having a battery plant in close proximity to the main vehicle production plant is critical. Toyota wants to start producing 200,000 EVs in the US annually from 2026 with a larger goal of supplying one million EVs or so globally by then as well. EVs will also be manufactured in Japan, China, and India, but those manufactured outside of the US will not be eligible for tax credits, which may also be fore of thought in the decision to manufacture EVs locally.
As for US production, Toyota will be joining the EV sport utility bandwagon. Initially, 1,000 units will be built monthly, and this will expand to roughly 10,000 per month by 2026.