Toyota to roll out 10 new electric models by 2026; targets selling 1.5 mn units

Toyota Motor Corp unveiled its long-awaited plan to electrify its vehicle lineup but it did not tell how exactly does it plan to outdo its EV rivals such as Tesla. The company said that it will release 10 new EV models by 2026 and sell 1.5 million battery electric vehicles annually while also strengthening its hybrid and plug-in hybrid models.

It aims to halve its emissions by 2035 and become carbon neutral by 2050. “We must first do what we can and start by electrifying," Koji Sato said in his first public appearance since becoming the company's CEO and president on April 1. However, the executive did not fully embrace a 100% electric future like many other automakers have done. The OEM rather looks to have a multi-pathway approach to carbon neutrality.

In developed markets, Toyota plans to enhance the performance of its bZ series of EVs and in North America, it plans to have a locally-produced battery SUV by 2025 as well as increase battery plant production. In China, it plans to add two locally developed electric models by 2024. In Asia, Toyota will also focus on battery pick-up trucks and compact electric cars.

Saro informed that building a dedicated EV production platform from scratch while navigating lingering pandemic measures, supply chain snags and semiconductor shortages is top priority for the company. The Japanese carmaker expects to produce as many as 10.6 million cars this year, into a new age of electrification and intelligent vehicles.

In December 2021, Toyota pledged to sell 3.5 million EVs annually by 2030 but battery-powered vehicles accounted for just 16,000 of the 9.5 million cars it sold in the fiscal year ending March of 2022. It is now to be seen how Toyota manages to fulfill its targets of selling as many electric vehicles.