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Toyota Plans To Develop An Advanced EV By 2026



Toyota plans to develop an advanced EV by 2026

(CTN NEWS) – TOKYO – In an apparent effort to catch up with its foreign competitors, who had earlier placed bets on the potential of all-electric vehicles, Toyota Motor Corp.’s incoming president, Koji Sato, announced Monday that the company will begin developing next-generation electric vehicles in 2026.

According to Sato in an online press conference, the new EV would initially be built on the company’s premium Lexus brand, with plans to introduce all-electric versions of other vehicles.

:We’ve been getting ready to build battery-powered Lexus and Toyota vehicles,” added Sato. “The moment has come at last.”

Toyota, the company that created the Prius, the first mass-produced hybrid passenger car, has long been viewed as hesitant to move towards all-electric vehicles.

Toyota Motor Corp.’s incoming president Koji Sato (C) and other officials gather for photos after a press conference on Feb. 13, 2023, in Tokyo. (Kyodo)

According to the business, efforts to reduce carbon emissions should be made by each nation’s requirements.

It was noted that hybrid vehicles might be a better option in places with a lack of charging stations or a significant reliance on fossil fuels for energy generation.

Aiming to sell 3.5 million EVs by 2030, the Japanese carmaker has gradually increased its EV efforts in recent years in response to increasing environmental laws and developing newer competitors like Tesla Inc.

READ MORE: Toyota Crowned Best-Selling Automaker In 2022 For 3rd Straight Year

Undated photo shows Toyota Motor Corp. President Akio Toyoda and Operating Officer Koji Sato test-riding Lexus’s first electric vehicle model, RZ in Japan. (Kyodo)

Even while Sato claimed Toyota still offers customers a variety of options, he underlined the business would take the production of all-electric vehicles more seriously.

According to Sato, there is a significant need for battery electric vehicles in the nations where the Lexus business operates. Although Lexus will spearhead our battery-electric vehicle initiative, this problem affects everyone.

Akio Toyoda, the current president, will step down and be replaced by Sato, who will take over as president starting on April 1. Toyota made the announcement last month.


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