In a bold move to catch up with competitors in the electric vehicle (EV) market, Toyota Motor Corp has announced plans to launch 10 new battery-powered models and aims to sell 1.5 million EVs annually by 2026. The automotive giant, which has been criticized for its slow adoption of battery-powered cars, is seeking to close the gap with rivals like Tesla Inc.
The world's largest automaker by sales volume is also establishing a specialized division dedicated to next-generation battery electric vehicles (BEVs). As of now, Toyota and its luxury brand Lexus have just three battery models in their lineup, with fewer than 25,000 units sold worldwide in the previous year. Toyota has long held that gasoline-electric hybrids, like its groundbreaking Prius, are a more practical choice for certain markets and drivers.
"In the next few years we will expand our line-up in the important battery electric category," stated Chief Executive Koji Sato at a recent briefing, while also emphasizing that hybrids will continue to play a crucial role.
By 2030, EVs are projected to account for over half of global vehicle production. Meeting this demand will be vital for Toyota, which has also revealed plans to increase production in the United States, where the growth of EVs is outpacing the overall market.
Toyota's new goal of selling 1.5 million BEVs in 2026 is 25% higher than the previous target of 1.2 million units, as forecasted by S&P Global Mobility. While the outcome will largely depend on the models Toyota introduces, analysts believe this ambitious target is achievable.
The automaker's U.S. sales experienced a decline of nearly 9% during the first quarter. In contrast, General Motors Co. saw an 18% increase in sales, driven in part by growing demand for EVs from fleet and commercial customers. Data from S&P Global Mobility indicates that many U.S. consumers switching to EVs are doing so from Toyota and Honda Motor Co.
As the industry moves towards the next wave of innovation, Toyota is working to keep pace and maintain its position in the increasingly competitive EV market.
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