Toyota Japan "Annual Sales Target of 1.5 Million Units by 2026"

New President's 'New System Policy Briefing' Remarks
Expanding Existing Sales Targets by More Than 60 Times

Koji Sato, the newly appointed president of Japan's Toyota Motor Corporation, announced on the 7th that the company aims to launch 10 new electric vehicle models by 2026 and sell 1.5 million electric cars annually worldwide.

Koji Sato, the new president of Toyota Motor Corporation (center)
[Image source=AP Yonhap News]

According to the Nihon Keizai Shimbun and other sources, President Sato, who took office on the 1st, stated this at the "New Management Policy Briefing." Sato is the first engineer-origin president at Toyota in 30 years and is 13 years younger than Akio Toyoda, the previous president and current chairman from the founding family, representing a "young blood" leadership.

Toyota's electric vehicle sales last year were 24,000 units. The newly announced goal is to increase sales more than 60 times in four years. To achieve this, Toyota plans to establish a next-generation electric vehicle specialized organization to reduce development costs and start local production of electric vehicles in the United States from 2025.

Earlier, in December 2021, Toyota announced a goal to launch 30 electric vehicle models by 2030 and expand global electric vehicle sales to 3.5 million units. The target revealed this time corresponds to a mid-term goal.

President Sato stated that while pursuing a comprehensive strategy to simultaneously develop and sell hybrid vehicles, fuel cell vehicles (FCVs), and hydrogen vehicles, the company will also accelerate its electric vehicle strategy.

Toyota returned to the top spot in global automobile sales in 2020 after five years and has maintained the number one position for three consecutive years through last year.

This content was produced with the assistance of AI translation services.