Toyota Accelerates Hybrid Push: Targets 6.7 Million Annual Production by 2028, Aiming for 60% of Global Hybrid Market

Toyota Motor Corporation announced it will significantly ramp up production of hybrid vehicles, aiming to reach an annual output of 6.7 million units by 2028—accounting for approximately 60% of its projected global production of 11.3 million vehicles. This marks a substantial increase from the 5 million hybrid units planned for 2026. While Toyota’s overall vehicle production is expected to grow by only about 10%, the share of hybrids in its total output will rise from 50% to 60%. To support this expansion, Toyota plans to invest 1.5 trillion yen in the U.S. over the next five years, with an initial 140 billion yen allocated to equip five factories for producing hybrid engines and key components. By the end of 2025, Toyota already held a 58% share of the global hybrid vehicle market. Amid slowing growth in the global pure electric vehicle (EV) market, automakers such as Ford, General Motors, and Volkswagen are revising their strategies to focus more on hybrid technology, while Tesla has begun scaling back certain EV production lines. Market research firm GlobalData forecasts that global sales of hybrid and plug-in hybrid vehicles will reach 29 million units by 2030.