Koji Sato, the new CEO of Toyota Motor Corp., has made electric vehicles (EVs) his top priority. He wants to change Toyota from a traditional car manufacturer into a mobility company. Toyota is the world’s largest car seller and the leading maker of gasoline-electric hybrid vehicles, but it is behind in the all-electric vehicle market. Sato has set a goal of selling 1.5 million electric vehicles with 10 new models by 2026 and increasing EV sales to 3.5 million vehicles in 2030. In 2022, Toyota sold 10.48 million vehicles worldwide, but only 24,000 of those were electric vehicles. This is much lower than the 1.31 million electric vehicles sold by Tesla and the 572,100 sold by the Volkswagen Group in the same year.
Toyota believes that battery EVs are not the only solution to reducing carbon emissions. The company is also investing in hydrogen-powered fuel-cell vehicles, hybrids, and plug-in hybrids. This approach allows Toyota to meet different emission rules in different countries. However, some analysts say that Toyota’s slow approach to the EV market could hurt its future growth. Global EV sales are expected to increase to around 73 million vehicles in 2040, making up 61% of the overall market.
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