13:26, 08 Apr 2023, author: Ermakova M.

Toyota announces it will launch 10 new electric vehicles by 2026

A welcome move by the world's largest car manufacturer.

Toyota has confirmed that it will increase the investment and ambition of its electric vehicle program with up to 10 new battery-powered models by 2026. To do this, Toyota will create a division dedicated to the development of 100% electric vehicles, the goal of which will be the development of the next generation, with which the Japanese manufacturer wants to close the gap with its main competitors.

According to Japanese media, this is a response to the growing concern of investors and suppliers about losing ground to Tesla, as well as to increasingly aggressive Chinese groups that are growing at a rapid pace.

To respond to the new situation, Toyota recently changed its CEO. The Japanese giant's new chief executive is Koji Sato, who told reporters in a meeting that Toyota would accelerate development of battery-powered electric vehicles, but added that hybrids would remain an important pillar of his business in the short term.

“In the coming years, we will expand our offer in the category of battery-powered electric vehicles. We will take a hands-on approach to popularizing electrified models, both 1% electric and hybrid,” he said.

For his part, Toyota CTO Hiroki Nakajima has set a goal of producing 1.5 million battery-powered electric vehicles annually by 2026.

Many wonder if this will be enough. And the fact is, given that Toyota sold 10.5 million vehicles worldwide in 2022, it can be assumed, based on the numbers provided by Japanese management, that by 2026 electric vehicles will only make up 14% of its sales.

This figure can be compared to the targets of Volkswagen, the world's second-largest manufacturer last year, which expects markets such as the US and China to have a 50% sales target by 2030, while in Europe the figure will reach 80%.

Let's compare Toyota's predicted figures with those of BYD. The fastest growing brand, which expects to produce from 3 to 3.6 million electric vehicles and plug-in hybrids by 2023. What will be the numbers in 2026? They are difficult to predict, but more than five to six million units per year for sure.