Toyota is betting more Americans are ready for all-electric cars at a time when many of its rivals are hitting the brakes on battery-powered models.
The world’s largest carmaker currently offers in the United States four imported electric vehicles, and will add a fifth this month. Production of a new U.S.-made EV will begin at its Kentucky plant later this year, followed by another model in 2027; that will bring its total battery electric lineup in the U.S. to seven models.
Demand for EVs dropped sharply following U.S. President Donald Trump’s administration’s withdrawal of tax credit and other subsidies last year, but Toyota sees sales gradually rebounding as more buyers warm to the idea of plug-in models, while the Iran conflict’s impact on fuel costs are driving more people to consider EVs. The strategy also reflects the company’s effort to turn its dominance in hybrid gas-electrics into a solid foothold in the EV market as it recalibrates.
