Toyota’s next CEO, Koji Sato, said he will “drastically” revamp the carmaker’s slow-going electric vehicle strategy with a new leadership team as he seeks to reinvent the automaker as a mobility company in an era of industry upheaval.
While announcing the new roster Monday, Sato said the accelerated EV rollout would center around a next-generation platform, which is expected to arrive around 2026.
The ramp up comes amid mounting criticism among some investors, environmental activists and EV enthusiasts, that Toyota is falling behind in the global race for battery-powered cars.
Sato appointed a new top executive to steer the push, starting from Lexus. “Lexus is going to have a leading role for that,” Sato said.
Toyota’s new management lineup keeps some executives in place and elevates younger ones as the automaker taps fresh blood and flexible thinking.
Sato, 53, said he is prioritizing a three-pronged strategy after he succeeds Akio Toyoda, 66, as CEO on April 1.
- Ramp up the carmaker’s EV strategy.
- Strengthen the company’s Woven-related software-first initiatives.
- Focus on achieving carbon neutrality in Asia.
Sato said Toyota would stick with the diverse powertrain strategy pioneered by his predecessor, in which the automaker develops its trademark hybrid, plug-in hybrid and hydrogen-powered cars in addition to pursuing EVs.
“I don’t think a one-size-fits-all solution works,” he said.