The new CEO of Toyota Motor Corporation has expressed his intention to expedite the company’s foray into electric vehicles by introducing new components and production methods specifically designed for EVs.
According to Koji Sato, who is set to become CEO in April, Toyota plans to launch new EVs under its luxury Lexus brand by 2026, with all components, including the battery and manufacturing platform, optimized for electric vehicle use. Mr. Sato made this announcement during a briefing on Monday.
Even prior to its first leadership change in over 13 years, Toyota was considering modifications to its electric vehicle strategy. A significant initial investment in the development of specialized EV parts and manufacturing methods was viewed as a means to enhance the scale and profitability of its EV business.
“We have a clear vision of the type of EVs we aim to produce,” said Mr. Sato on Monday. “Given the favorable timing, we will now accelerate that development with a fresh approach.”