Mumbai: Toyota Motor has announced plans to significantly expand its electric vehicle (EV) lineup in Europe, targeting the launch of six new battery-powered models by 2026. The automaker, currently the world’s largest by sales, aims for these EVs to constitute over 20% of new car sales in the region by that time. Toyota anticipates annual sales exceeding 250,000 battery-powered vehicles in Europe by 2026, as it strives to gain ground in a market where competitors have surged ahead.
In addition to the existing battery EV available in Europe and a compact SUV concept unveiled last year, Toyota revealed two new concepts for upcoming models. One is a concept for a small battery-powered SUV slated for a 2024 launch, while the other is a sports crossover model expected to debut in 2025.
Toyota’s global ambition extends beyond Europe, targeting annual sales of 1.5 million battery-powered vehicles worldwide by 2026. This strategic move aligns with the industry trend as electric car sales in the European Union surged by over 50% in the first 10 months of the year compared to the same period in the previous year, according to data from the European Automobile Manufacturers Association.
Despite Toyota holding the fifth-largest market share in the EU auto market for the ten months through October, with a slight dip to just under 7%, the company aims to leverage its expanded EV lineup to bolster its position in the rapidly evolving market.
This bold initiative by Toyota underscores the global shift towards sustainable and electric mobility, positioning the automaker to be a key player in the future of the automotive industry.