Charged-up dreams: Toyota plans to sell 15 lakh EVs each year by 2026

Toyota is the global leader when it comes to passenger vehicles but its push in the world of electric vehicles (EVs) has been more of a gentle nudge so far. But the Japanese automotive giant is looking to switch to top gear with CEO Koji Sato underlining ambitions of selling 15 lakh EVs each year by 2026.

Toyota is the largest automaker in the world by sales but it is Tesla that leads the way when it comes to EVs. A long list of established as well as new players are looking to create inroads into the world of EVs and there is acres of room for the taking. Toyota, clearly, does not want to be left behind and will drive out as many as 10 fully-electric models in the next three years. At present, Toyota and Lexus combine has just three fully-electric models and sold just about 25,000 units in 2022.

To go from 25,000 to 15 lakh will take a herculean effort. Having more options for customers to choose from is likely to help. “In the next few years we will expand our line-up in the important battery electric category," Sato recently told members of the press, adding that a bulk of the thrust would come from the US market where the company will bolster its production capability.

In the US in particular, Toyota's overall sales declined by nine per cent during the first quarter. In comparison, General Motors, a fierce rival, saw sales climb 18 per cent with many crediting demand for its EVs. Industry reports from here indicate that many who are making a switch to EVs in the US market are doing so at the expense of Japanese manufacturers like Toyota and Honda. Going electric then is important. Going electric fast is imperative.

For a company that had the electric Prius in global markets when Tesla didn't even exist, Toyota has the expertise but now needs to scale up and match the technology that rivals have on offer.