- Toyota was losing space and will accelerate toward a strategy focused on electric vehicles.
- It was said by Koji Sato, the new CEO as of April 2023.
- Sato said they are looking to introduce optimized parts and manufacturing methods for ecars.
The global market for electric cars is growing exponentially and everything indicates that it will continue to do so in the coming years.
With more companies investing in electric vehicles, the technology is becoming more accessible and affordable for those looking to switch to the form of drive that will gradually replace gasoline combustion.
The most advanced companies when it comes to electric vehicles are Tesla, Volkswagen and BMW.
Tesla leads with its Model 3, which is the most popular electric car in the world. Volkswagen is also leading the way with its ID3 electric car, and BMW is not far behind with its i3 electric vehicles.
These companies have invested heavily in research and development, making electric vehicles more reliable and efficient. And, above all, have more autonomy, one of the main problems at the beginning of this technological stage.
The global electric vehicle market is expected to reach nearly 10 million units by the end of 2023, with the majority of those sales in China.
This is a sharp increase from the 2.1 million electric cars sold in 2020. According to BloombergNEFthe global market for electric vehicles would reach 60 million units per year by 2040.
Toyota is now committed to electric vehicles
One of the world’s biggest car sellers, Toyota, which along with Nissan-Renault and VW lead the market, was not making nearly as much headway in the car space. ecars.
One of the reasons is that its historic CEO, Akio Toyoda, was not very convinced of the new technology.
But things will change now with the announcement of Toyoda’s resignation next April. Since the new CEO, Koji Sato, has a different vision.
Sato said this Monday, February 13, that the brand is looking to “speed up” the electric car business by introducing new parts and manufacturing methods optimized for EVs.
That’s right, as Sato said in a note to shareholders, Toyota will develop new EVs for its luxury brand Lexus by 2026and all those models will be optimized for electric vehicles, including batteries and manufacturing platforms.
Sato is 53 years old and will become CEO in April, replacing Toyoda.
“We have seen the type of electric vehicles that we are looking for,” Sato said Monday. “Now is the right time, we will accelerate that development with a new approach,” explained.
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