Toyota Believes Electrified Vehicle Sales Could Reach 5.5 Million by 2025

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【Summary】This isn’t the first time Toyota has made a large claim about electrified vehicle sales, but the automaker’s latest projection has been moved up by five years.

Original Vineeth Joel Patel    Oct 04, 2020 7:30 AM PT
Toyota Believes Electrified Vehicle Sales Could Reach 5.5 Million by 2025

Toyota was one of the first mainstream automakers to sell electrified vehicles to consumers. Now, the automaker offers a total of 10 electrified vehicles, one of the more robust electrified lineups available in the U.S. So, when the automaker comes out with a prediction of how many electrified vehicles it expects to sell by a certain year, people tend to listen. 

It's safe to assume that Toyota, the leader of the electrified-vehicle segment, knows a thing or two about how well electrified vehicles will sell. Recently, Toyota came out with a statement claiming that global sales of electrified vehicles could reach 5.5 million units by 2025.

Toyota's Date Moves Up

This isn't the first time Toyota has made an announcement with a ballpark estimate of 5.5 million electrified vehicles to be sold. The last time was in 2017 when it announced that figure would be hit by 2030. Then, the Japanese brand stated that 4.5 million hybrids and plug-in hybrids, as well as 1 million electric and hydrogen fuel-cell vehicles would account for the breakdown. Now, it looks like it's original estimate has been moved up by five years.

According to Reuters, Seiya Nakao, chairman and president of Toyota China's engineering and manufacturing, said automotive electrification was progressing faster than expected. Additionally, he believes that Toyota will be able to reach its monumental target sooner than previously expected.

Last year, Toyota sold approximately 2 million electrified vehicles out of its roughly 10 million global tally.

Don't Expect To See EVs From Toyota

While not exactly riveting news, Toyota's announcement reveals just how quickly the market is changing. Electric vehicles used to be difficult to sell – expensive price tags for an unusable amount of range. Modern electric cars have all but fixed the issues of early versions and now offer consumers with enough range for daily tasks. Additionally, thanks mostly to Tesla, electric cars are seen as cutting-edge vehicles that are statement pieces and not just methods of transportation.

Sure, Toyota's figures mostly contain hybrid and plug-in hybrids, since the automaker doesn't believe in EVs, but those still help the environment. Furthermore, they may even push some consumers to purchase an electric vehicle. 

For the majority of consumers, electric vehicles aren't seen as real competitors to cars with internal combustion engines. Instead, modern plug-in hybrids are better overall choices. They offer consumers with the electric range to get to work and back during the week, but the convenience of an internal combustion engine for longer weekend trips. At the moment, it's the best of both worlds.

We could look down on Toyota for highlighting that it's simultaneously helping EVs and killing them at the same time, especially since it had the technology and jump on other brands to really be a defining leader in the segment, but automakers have to look at things rationally. 

Tesla's losing money on every electric vehicle it builds, as is every other automaker, so for Toyota, this is the best it believes it can do. That could change in the future. Maybe in 2025 when it sees just how many consumers are willing to purchase an EV.

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