The Japanese automaker Toyota Motor Corp. announced on Friday that it plans to increase its electric vehicle lineup by ten new models by 2026.
In an apparent response to mounting concerns that it is losing ground to Tesla Inc and other rivals, senior executives at Toyota announced during a briefing that the company planned to launch a new, dedicated business to focus on next-generation battery EVs.
Investors have long complained that Toyota has been too slow to introduce a full lineup of battery-powered vehicles, preferring instead to focus on hybrids like the Prius.
Toyota, however, argued that offering a variety of choices, such as gasoline-electric hybrids, is better for the company’s international market.
Toyota’s new CEO Koji Sato pledged a rapid expansion of the company’s battery electric vehicle production, while also stressing the continued importance of hybrids.
