Toyota plans to expand battery EV line-up in Europe to six models by 2026. On Monday, Toyota Motor (7203.T) said it will expand its lineup of battery electric cars in Europe to six models by 2026. The company also anticipated that by that time, these vehicles would account for more than twenty percent of the total sales of new automobiles in the region.
The largest automaker in the world predicted that by 2026, it would sell more than 250,000 battery-powered vehicles every year in Europe. This is an effort to experience rapid growth in a market where competitors have long outpaced it.
In addition to a battery electric vehicle (EV) that the business is presently selling in Europe and a compact sports utility vehicle (SUV) idea that it had already presented the previous year, Toyota has revealed two new concepts for cars that it intends to sell in the area later on in this decade.
According to statements made by Toyota, the first was a concept model for a battery-powered compact SUV that the company plans to sell in Europe in 2024, and the second was a concept for a sports crossover vehicle that Toyota anticipates releasing in 2025.
Toyota’s goal is to achieve annual sales of 1.5 million battery-powered automobiles worldwide by the year 2026.
According to statistics released by the European Automobile Manufacturers Association last month, sales of entirely electric cars in the European Union (EU) witnessed a significant increase of more than fifty percent during the first ten months of the year compared to the same period in the previous year.
According to the statistics, Toyota held the fifth-largest overall car market share in the European Union (EU) for the ten months that ended in October. However, the company’s position has decreased somewhat from the previous year, reaching just under 7%.
The battery-powered car sales amounted to one percent of Toyota’s total global sales of about 8.5 million automobiles during the first ten months of the year. This figure includes sales of the luxury Lexus brand.
To further its efforts to commercialize hydrogen technology, Toyota announced that it will establish a European business unit concentrating on hydrogen. This is part of the company’s efforts to create fuel-cell systems and promote commercial partnerships for hydrogen.
Earlier in July, officials at Toyota stated that the business would concentrate on selling hydrogen-powered automobiles and trucks in Europe and China. This declaration followed those statements.
A hydrogen fuel-cell car is similar to an electric vehicle in that it utilizes an electric motor. Still, it derives its power from a fuel stack, which creates electricity by separating hydrogen with a catalyst. Toyota sold a total of around 3,500 fuel-cell vehicles across the world between January and October.
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