Expanding its portfolio in electric vehicles, Toyota Motor Corp. has announced its plans to launch ten new models of battery-electric vehicles, a long-awaited expansion in an area that the Japanese automaker has been slow to embrace.
In apparent response to growing concerns that it is losing out to Tesla Inc. and other rivals, senior executives at a briefing revealed that Toyota will also establish a new specialized unit to focus on next-generation battery electric vehicles.
Investors have long argued that Toyota has favoured hybrids like its pioneering Prius rather than developing a battery-powered vehicle lineup quickly enough.
Toyota has countered that for its global customer base, a mix of options, such as gasoline-electric hybrids, makes more sense.
Koji Sato, Toyota’s New chief executive, stated that the company would accelerate the development of battery electric vehicles, but that hybrids would continue to be an essential component of the company’s operations.
He said, “In the next few years we will expand our line-up in the important battery electric category,” and he added that the company would take a “practical approach” to making electrified cars, including hybrids, more popular.
By 2030, it is anticipated that EVs will account for more than half of all vehicle production worldwide.
Toyota also stated that it would increase production in the United States, where the growth of electric vehicles is outpacing that of the market as a whole. It will be crucial for Toyota to meet this demand.
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