Toyota Motor Corp will introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals.
Toyota Motor Corporation's bZ SDN is pictured after a briefing on the company's strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoonwill introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals.
Toyota, including its Lexus luxury brand, now has just three battery models on the market and last year sold fewer than 25,000 of those worldwide. "In the next few years we will expand our line-up in the important battery electric category," Chief Executive Koji Sato told the briefing, his first in the top job, but added that hybrids would remain an important pillar.Meeting that demand will be critical for Toyota, which also said it would increase production in the United States, where the growth in EVs is outpacing that of the overall market.
"There's a gap of 300,000 units so that can be thought of as a difference of about a year," said Yoshiaki Kawano, an associate director at S&P Global Mobility.
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