With the auto market changing and Toyota facing pressure from investors, the company has made an important announcement regarding its EV plan. Toyota confirmed that the company will introduce ten new battery-electric models by 2026.
Per Hiroki Nakajima, the Company’s Chief Technology Officer, Toyota’s new aim for EVs is to produce 1.5 million vehicles annually. He did not provide a further breakdown of the regional approach. However, we can assume the company will continue to focus on Europe, North America and domestically in Japan.
To help support this ambitious plan, the company will set up a special unit to focus on EV development and production. Nakajima did not go into further details about what the new unit would be doing or where it would be located.
The ambitious timeline seems hard to hit as Toyota and its luxury brand, Lexus, sold less than 25,000 EVs last year. However, the company could meet or exceed these goals if it hits the right tone in the United States.
Per S&P Global data, most US consumers switching to electric vehicles come from Toyota or Honda ownership. So, if Toyota can keep even a portion of these owners within its brand, the company will be in a good position moving forward. The question is whether it is too little too late.
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