Toyota Motor has announced its strategic move to introduce six battery electric vehicle (EV) models in Europe by 2026, with the aim of making EVs account for more than 20% of new car sales in the European market.
The announcement follows the success and development of four EVs currently available or under development in the region.
In a statement released on Monday, the company outlined its plan to launch two new models in addition to the existing lineup.
A groundbreaking Urban SUV concept car is slated for release in 2024, followed by a Sport crossover model in 2025.
Toyota aims to achieve global sales of 1.5 million battery-powered vehicles annually by 2026, signifying a substantial commitment to the rapidly evolving EV market.
Recent data from the European Automobile Manufacturers Association (ACEA) highlighted a remarkable surge of over 50% in fully electric car sales in the European Union (EU) during the first 10 months of the year compared to the same period in the previous year.
Despite the growing EV market, the firm maintained its position as the fifth-largest auto market share in the EU during the 10 months through October, holding just under 7%.
Notably, battery-powered vehicles represented 1% of Toyota’s worldwide sales, which totaled around 8.5 million units in the first 10 months of the year, including those from its luxury Lexus brand.
In addition to its focus on battery EVs, the firm revealed plans to establish a dedicated business unit in Europe, emphasizing hydrogen technology.
The company aims to commercialize hydrogen by developing fuel-cell systems and fostering commercial partnerships.
This strategic move aligns with Toyota’s previous announcement in July, where executives highlighted a focus on selling hydrogen-powered trucks and cars in Europe and China.
Toyota’s hydrogen fuel-cell vehicles utilize an electric motor, similar to EVs, drawing power from a fuel stack where hydrogen is separated by a catalyst to generate electricity.
Globally, the firm sold approximately 3,500 fuel-cell units during the January-October period, as explained by Reuters.