Toyota to Release 10 New EV Models by 2026, Aims to Sell 3.5 Million Units by 2030: Report

Koji Sato, the brand new president and CEO of Toyota Motor, made his first public speech in a live-streamed information convention on Friday afternoon, in line with Nikkei Asia. On this event, Vice-President Hiroki Nakajima mentioned the corporate will launch 10 new EV fashions by 2026, which might quantity to about 1.5 million autos in gross sales yearly.

The president and CEO of Toyota Motor throughout his speech pledged to pursue electrification “virtually,” matching the carmaker’s product choices to the calls for of explicit areas.

The world’s high automaker has been performing unimpressively within the fast-evolving business, most notably lagging in gross sales of electrical autos. Nikkei Asia reported that as younger rivals like Tesla of the US and BYD of China threaten to overcome the quickly increasing market, Toyota’s reshuffled administration faces the pressing job of ramping up improvement within the discipline.

Toyota may also create a specialised unit to develop next-generation EVs, led by one individual with “full authority” and in command of every part from improvement and manufacturing to enterprise, in line with Vice President Hiroki Nakajima. The chief of the unit has already been determined and extra particulars will seemingly be introduced in Might, he mentioned.

Toyota offered 21,650 battery-powered autos in 2022, taking only a 0.3 p.c share of the market, in line with knowledge by S and P World Mobility. Nikkei Asia mentioned it’s far behind top-seller Tesla’s 1.27 million models and runner-up BYD’s 810,600.

Though it goals to promote 3.5 million by 2030, the previous yr has been stricken by the recall of its first mass-produced battery-powered mannequin, the bz4X.