Toyota to launch 10 new EV models by 2026, aims to sell 3.5 million units by 2030: Report

Koji Sato, the new president and CEO of Toyota Motor, made his first public speech in a live press conference on Friday afternoon, according to Nikkei Asia. On this occasion, Vice President Hiroki Nakajima said that the company will launch 10 new EV models by 2026, amounting to about 1.5 million vehicles in annual sales.

The president and CEO of Toyota Motor promised during his speech to pursue electrification “in practice” by tailoring the automaker’s product offerings to the requirements of certain regions.

The world’s largest carmaker has underperformed in the fast-growing industry, notably lagging in sales of electric vehicles. Nikkei Asia reported that as young rivals such as Tesla of the US and BYD of China threaten to corner the fast-growing market, Toyota’s changed leadership faces the urgent task of boosting development in the field.

Toyota will also create a dedicated unit to develop next-generation electric vehicles, headed by a single person with “full authority” and responsible for everything from development and production to business, according to vice president Hiroki Nakajima. The leader of the unit has already been decided and more details are likely to be announced in May, he said.

Toyota has sold 21,650 battery-powered vehicles in 2022, accounting for just 0.3 percent of the market, according to data from S and P Global Mobility. Nikkei Asia said it was far behind top-seller Tesla with 1.27 million units and runner-up BYD with 810,600.

Although it aims to sell 3.5 million by 2030, last year was hit by the recall of the first mass-produced battery-powered model, the bz4X.