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

Koji Sato, Toyota Motor’s new chairman and chief executive, delivered his first public address during 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 models of electric vehicles by 2026, which would represent around 1.5 million vehicles sold per year.

During his speech, the Toyota Motor chairman and CEO pledged to pursue electrification “in a practical way,” matching the automaker’s product offerings to the demands of particular regions.

The world’s top automaker has posted an unimpressive performance in a fast-changing industry, notably lagging in electric vehicle sales. Nikkei Asia reported that as young rivals like Tesla in the United States and BYD in China threaten to capture the booming market, Toyota’s revamped management faces the urgent task of accelerating development in this area.

According to Vice President Hiroki Nakajima, Toyota will also create a specialized unit to develop next-generation electric vehicles, headed by a person with “full authority” and responsible for everything from development and production to business. The head of the unit has already been chosen and more details will likely be announced in May, he said.

Toyota sold 21,650 battery-powered vehicles in 2022, taking just 0.3% of the market, according to data from S and P Global Mobility. Nikkei Asia said it was far behind Tesla’s 1.27 million units and BYD’s 810,600.

Although it aims to sell 3.5 million by 2030, the past year has seen the recall of its first mass-produced battery-powered model, the bz4X.

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