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Electrifying the Future: Toyota's Bold Plan to Unveil 10 New Battery EV Models by 2026!"

  • Posted on April 7, 2023
  • News

Toyota Motor Corp (7203.T) has announced plans to launch 10 new battery-powered models, with a goal of selling 1.5 million EVs annually by 2026. This ambitious move aims to accelerate Toyota's growth in the EV market, where it has faced tough competition from rivals in recent years.


 As part of its strategy under the new leadership team, Toyota, the global leader in automotive sales, will establish a dedicated unit to spearhead the development of next-generation battery electric vehicles (EVs). Senior executives announced this initiative during a briefing on Friday, showcasing Toyota's commitment to advancing EV technology.


Currently, Toyota, along with its luxury brand Lexus, has a limited offering of only three battery-powered models available in the market. In the previous year, the company's global sales of these models amounted to less than 25,000 units.


Toyota has faced criticism from investors and environmental groups for its perceived sluggishness in adopting battery-powered vehicles, with some pointing out that the company has fallen behind competitors like Tesla Inc (TSLA.O) in capitalizing on the burgeoning demand for EVs.


The Japanese automaker has maintained that while electric vehicles (EVs) are a viable option for certain markets and drivers, gasoline-electric hybrids, such as the pioneering Prius, offer a more practical and realistic choice for many customers.


"Our Vision for the Future: Expanding Toyota's Battery Electric Line-Up," says CEO Koji Sato in his first briefing as Chief Executive, highlighting the company's commitment to expanding its presence in the EV market. However, Sato also emphasized that hybrids would continue to play a crucial role as a key pillar in Toyota's product portfolio.


With electric vehicles (EVs) projected to account for over 50% of global vehicle production by 2030, meeting this demand is imperative for Toyota. The company also revealed plans to ramp up production in the United States, where the EV market is growing at a faster pace than the overall automotive market, underlining the importance of keeping up with the evolving trends in the industry.


Toyota's ambitious goal of selling 1.5 million battery electric vehicles (BEVs) annually by 2026 represents a 25% increase compared to the earlier projection of 1.2 million units, as per a forecast by S&P Global Mobility compiled prior to the recent announcement. This signifies Toyota's heightened commitment to accelerating its BEV sales and further solidifying its position in the evolving electric vehicle market.


Yoshiaki Kawano, Associate Director at S&P Global Mobility, pointed out that the disparity of 300,000 units between Toyota's target of selling 1.5 million battery electric vehicles (BEVs) by 2026 and the previous projection of 1.2 million units is equivalent to approximately one year of sales. This underscores the significant acceleration Toyota aims to achieve in its BEV sales within a relatively short time frame.


He commented that achieving it doesn't appear to be impossible in any way, and emphasized that the outcome would ultimately rely on the specific models that Toyota introduces.


While Toyota reported a decline of almost 9% in U.S. sales during the first quarter, General Motors Co (GM.N) experienced a contrasting 18% increase, attributed to higher demand for electric vehicles (EVs) from fleet and commercial customers.


Data from S&P Global Mobility revealed that a significant portion of U.S. consumers who are transitioning to electric vehicles are primarily switching from Toyota and Honda Motor Co (7267.T).


In an interview prior to the briefing, East Peterson-Trujillo, a clean vehicles campaigner with nonprofit Public Citizen, expressed the opinion that Toyota is lagging behind in terms of making the next significant innovative leap, and more people in the U.S. are becoming aware of this fact.


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