Japanese automaker Toyota Motor plans to increase hybrid vehicle production by 30% from this year's levels by 2028, Nikkei reported Tuesday.
According to recent notifications to major parts suppliers, Toyota set its 2028 hybrid vehicle production target at 6.7 million units, a 30% increase from this year's planned output.
Total vehicle production including gasoline cars is planned at approximately 11.3 million units in 2028, up 10% from this year's target.
If the plan proceeds as scheduled, Toyota's hybrid vehicle production ratio, including plug-in hybrid vehicles (PHVs), will rise from 50% in 2026 to 60% in 2028.
Toyota is also reportedly planning to increase investment in engine and parts factories, primarily in the United States.
The company had already announced in November last year that it plans to invest up to 1.5 trillion yen (approximately $9.8 billion) in the U.S. over the next five years.
"Demand for hybrid vehicles is growing as policies to promote electric vehicle adoption are being scaled back in Europe and the United States," Nikkei reported. "As a result, automakers have begun revising their eco-friendly vehicle strategies."