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Toyota Motor Corp. will introduce 10 new battery-powered models as it targets sales of 1.5 million EVs a year by 2026,
The Japanese automaker will also set up a specialized unit focusing on next-generation battery EVs.
Toyota, including its Lexus luxury brand, currently has EVs on the market, globally selling less than 25,000 of those last year.
Investors and environmental groups have criticized Toyota for being slow to embrace battery-powered cars, saying it has lost ground to Tesla Inc. and others that have more nimbly captured fast-growing demand.
Toyota CEO Koji Sato announced that they will expand their EV line-up in the next few years but would retain their hybrids as an important pillar.
EVs are now expected to make up over half of Toyota’s total worldwide vehicle production by 2030.
Toyota would increase production in the US, where the growth in EVs is outpacing that of the overall market.
Toyota’s US sales dropped by nearly 9 percent during the first quarter as General Motors Co. enjoyed an 18 percent boost, helped by greater demand for EVs from fleet and commercial customers.
US consumers making the switch to electric vehicles are largely doing so from Toyota and Honda Motor Co.
