TOKYO, Japan: In an about face, Toyota has introduced that it’s going to introduce 10 new battery-powered fashions and goal gross sales of 1.5 million EVs per yr by 2026.
Toyota, the world’s largest automaker, may also set up a unit of the corporate to give attention to next-generation battery EVs, officers mentioned final week.
Toyota at present has solely three electrical autos and final yr bought fewer than 25,000 of these worldwide.
Toyota has lengthy ben criticized by traders for being gradual to introduce electrical autos, noting that it had misplaced floor to Tesla and different auto producers.
In latest years, Toyota officers have mentioned that EVs are just one possibility for patrons and that its Prius gasoline-electric hybrids stay a extra reasonable alternative for some markets and drivers.
“In the next few years we will expand our line-up in the important battery electric category,” newly appointed Toyota Chief Executive Koji Sato mentioned final week.
Still, Sato famous that hybrids would stay an necessary product mannequin for Toyota.
Industry observers say that EVs will make up greater than half of complete worldwide auto manufacturing by 2030.
Toyota added that it’s going to enhance electrical car manufacturing within the United States, the place the expansion in EVs is outpacing that of the worldwide market.
Commenting on Toyota’s objectives for manufacturing electrical autos, Yoshiaki Kawano, an affiliate director at S&P Global Mobility, mentioned “It doesn’t seem like it’s impossible to achieve at all,” relying on what fashions Toyota launched, as reported by Reuters.
Toyota’s U.S. gross sales fell by almost 9 % within the first quarter of 2023. This compares to General Motors, which reported an 18 % soar, which included higher demand for EVs and from business prospects.