Toyota plans to expand battery EV line-up in Europe to 6 models by 2026 By Reuters

© Reuters. FILE PHOTO: A Toyota brand is seen throughout the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 5, 2023. REUTERS/David ‘Dee’ Delgado/File Photograph

TOKYO (Reuters) – Toyota Motor (NYSE:) mentioned on Monday it might improve its line-up of battery electrical autos in Europe to 6 fashions by 2026 and it anticipated such autos to make up greater than 20% of latest automobile gross sales within the area by then.

The world’s largest automaker by gross sales mentioned in an announcement it anticipated to promote greater than 250,000 battery-powered autos yearly in Europe by 2026, because it seeks steep development in a market the place it has lengthy been overtaken by rivals.

On high of a battery EV the corporate is at present promoting in Europe and a compact sports activities utility automobile (SUV) idea it already showcased final 12 months, Toyota unveiled two new ideas for fashions that it plans to promote within the area later this decade. 

One was an idea mannequin for a battery-powered small SUV that it plans to launch in Europe in 2024 and the opposite was an idea for a sports activities crossover mannequin that’s scheduled for introduction in 2025, Toyota mentioned in statements.

Toyota is concentrating on gross sales of 1.5 million battery-powered autos a 12 months globally by 2026. 

Gross sales of absolutely electrical automobiles within the European Union (EU) had been up greater than half over the primary 10 months of the 12 months in comparison with the identical interval a 12 months earlier, knowledge from the European Vehicle Producers Affiliation confirmed final month. 

Toyota had the fifth-biggest whole auto market share within the EU for the ten months by way of October, seeing its share decline barely from the earlier 12 months to simply below 7%, the information confirmed.