SUMMARY
- Toyota aims to launch advanced battery electric vehicles (BEVs) by 2026, aiming for a drive range of 1,000 kilometers.
- The company targets annual sales of 3.5 million BEVs by 2030, parallely developing an innovative method for mass-producing all-solid-state batteries.
- Marking a significant strategy shift, Toyota is accelerating the development of these batteries for BEVs and conventional hybrid electric vehicles, under the new leadership of CEO Koji Sato.
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Toyota, the renowned Japanese automotive manufacturer, witnessed a 5% surge in share prices this Tuesday, following an exciting revelation: the brand will launch a comprehensive lineup of battery electric vehicles (BEVs) powered by innovative, advanced batteries by 2026. The new generation of BEVs will emerge from a recently established EV unit, the BEV Factory.
The BEV Factory was set up in May, under the leadership of its President, Takero Kato. In a recent presentation, Kato unveiled ambitious targets for these cutting-edge EVs. He mentioned that Toyota plans to achieve a drive range of 1,000 kilometers (620 miles) with their new EVs and aims to roll out approximately 1.7 million vehicles by 2030. This contrasts with the Tesla Model 3, which has a range of 430 kilometers, while the long-range model achieves about 570 kilometers.
Toyota is geared towards selling 1.5 million BEVs annually by 2026, escalating to a whopping 3.5 million BEVs per annum by 2030. Parallelly, the company has set its sights on mass-producing all-solid-state batteries for its BEVs, hoping to introduce this innovation between 2027 and 2028. Toyota is targeting a 20% boost in cruising range for its all-solid-state batteries, alongside developing a higher specification model which aims for a 50% range increase.
Perhaps most significantly, Toyota's breakthrough in overcoming the obstacle of battery durability in all-solid-state batteries may signify a critical transition in the brand's EV strategy. Toyota is contemplating applying this technology to conventional hybrid electric vehicles (HEVs) and is fast-tracking its development for BEVs.
Under the new CEO, Koji Sato, who took the reins in April, there seems to be a significant shift from the more hesitant approach of his predecessor, Akio Toyoda. Despite the skepticism shown by Toyota executives in the past regarding the widespread adoption of BEVs, the recent developments and Kato's energetic push for BEVs suggest a new chapter in Toyota's journey towards becoming a global leader in the battery EV market.
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