Global Electric Vehicle Strategy Unveiled by Toyota
Toyota, a leading automaker known for its hybrid vehicles, has announced its plans to expand its electric vehicle (EV) offerings with the unveiling of its first global line-up named bZ.
Matt Harrison, head of Toyota Motor Europe, expressed the company's commitment to reducing CO2 emissions, stating, "To make real progress on CO2 emissions, nobody should be left behind on the journey to carbon neutrality."
The first bZ model, an SUV, is expected to reach consumers in just over a year. This move comes at a time when Toyota's current line-up is dominated by hybrids, with only a handful of battery electric vehicles on sale outside of China.
The new line-up will see seven models hitting showroom floors by 2025. Toyota now aims for a target of 10 percent of its sales from either BEVs or hydrogen vehicles by 2025. The company expects 70 percent of its sales to be standard hybrids, 10 percent plug-in hybrids, and just 10 percent with internal combustion engines in 2025.
Toyota will concentrate its electric sales efforts on countries with available infrastructure, incentives, and available income. The bZ vehicles will initially be manufactured in Japan and China, but they could also be built in Toyota's European factories.
The announcement was made at the Shanghai motor show, where Toyota also highlighted the success of its new hybrid Prius, launched at the same time. The company's high level of hybrids and electrics in its vehicle mix should allow it to beat European pollution norms, allowing it to sell some emissions allocations.
Toyota's luxury brand, Lexus, is expected to unveil a new electric line-up in the coming months. This move is in line with the trend set by major automakers, including Stellantis, Renault-Nissan, GM, Ford, Hyundai-Kia, and China's Geely, who have announced plans to move towards electric vehicles in recent years.
The poor welcome an electric version of Toyota's Rav4 SUV received in the United States in 1997 was due to its limited range and a lack of recharging stations. However, with improvements in technology and the growth of charging infrastructure, Toyota is now better positioned to compete in the EV market.
Masahiko Maeda, Toyota's chief technology officer, stated that the company is establishing itself as a full line-up manufacturer. The bZ line vehicles will be part of Toyota's global line-up of battery electric vehicles (EVs).
Toyota will likely select production sites for its new bZ electric vehicle models in Japan, China, and possibly North America, as these regions are strategic for Toyota's electric vehicle expansion and manufacturing base. China is the only market where Toyota sells electric versions of a number of its cars.
As Toyota moves forward with its EV plans, it is clear that the company is committed to playing a significant role in the transition to a more sustainable future.
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