TOKYO – New Toyota Motor Corp. CEO Koji Sato, warning that the industry is in a “life or death situation,” plans to turbocharge the company’s EV sales to 1.5 million vehicles in 2026 with the help of a newly developed platform and local production of a three-row full-electric crossover in North America.
The new dedicated EV architecture will enable Toyota’s future EVs to double their range, thanks to more efficient battery use, and require half the investment and development resources.
Sato and two top lieutenants, Chief Technology Officer Hiroaki Nakajima and Chief Financial Officer Yoichi Miyazaki, outlined the EV ramp up on Friday in Tokyo as they unveiled a new business vision for Toyota.
It was Sato’s first news conference since taking the helm of Toyota Motor Corp. on April 1, when Akio Toyoda became chairman after more than a decade leading his family’s company. Sato had previously led Lexus.