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News of Toyota’s new EV strategy comes as the brand released its financial results for 2022
Toyota is reportedly planning on showing off a set of all-new electric vehicle concepts at the 2023 Japan Mobility Show that will preview a new-generation EV platform.
News of these new EV concepts comes from a report out of Automotive News, which states that the concepts preview a model that will go on sale in 2026.
Though few details are available regarding these concepts, a teaser image posted online shows an angular, Prius-like design with a long wheelbase, a fastback rear and wide wheel arches.
The image was accompanied by the words “greater efficiency” and “set hearts racing”, hinting at the possibility of the EV benefitting from high performance or inspiring driving dynamics.
Despite only being sworn in on April 1 2023, Toyota’s new CEO Koji Sato is wasting no time in attempting to get Toyota to the forefront of electric vehicle development.
During the end of financial year presentation, Sato noted that Toyota would invest an extra AUD$10.9 billion into electric vehicles before the end of the decade. This brings Toyota’s total investment in EV development and production to over AUD$54 billion through the period.
Sato also unveiled Toyota’s new electric vehicle development centre, which has been aptly dubbed the “BEV Factory”.
This high-tech facility will reportedly be charged with reinventing Toyota’s approach to building EVs, ranging from chassis and battery tech, to software and production.
Toyota adds that batteries developed in this facility should allow future Toyota EVs to double their range thanks to improved efficiency.
Another major element covered in the presentation was Toyota’s rollout of a three-stage electric vehicle plan.
The first stage consists of launching Toyota’s electric vehicles that are currently offered in select markets. This includes the upcoming BZ4X crossover.
Then Toyota will implement the second stage, which sees improvements made on the first-generation EVs, and put into new models. The brand is expecting this stage to finish around 2026, when capacity for selling 1.5 million EV globally is achieved.
Lastly, the third stage consists of rolling out the next-generation EV platform, previewed by the concepts that will be shown later this year.
With these models onboard, Toyota plans on selling 3.5 million electric vehicles globally each year by 2030.
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