Toyota Shares Climb 5% on News of Company’s Next-Gen EVs

Toyota recently stated that starting in 2026, a full array of battery-powered vehicles will be available using its newest battery technology; the news sent the shares of the company up 5%.

BEV Facility, a brand-new EV entity that was founded in May by Toyota, will design and produce these vehicles. Takero Kato, the head of BEV Factory, stated during a recent presentation that Toyota wants its electric vehicles to have a 1,000-kilometer range. By 2030, he claimed, the factory hopes to build around 1.7 million vehicles.

By 2026, Toyota wants to sell 1.5 million units of fully electric cars annually, and by 2030, it wants to reach sales of 3.5 million units annually.

Toyota is also working on a process for producing all-solid-state batteries for BEVs in large quantities, with the intention of going into commercial production in 2027 and 2028. In comparison to the present batteries, Toyota claimed that its all-solid-state batteries will offer a 20% greater cruising range than the present ones. In addition, a version with superior specifications is also being developed and researched. Comparing this version to the present offering, the new one will offer a 50% increase in cruising range.

Most significantly, Toyota claimed that it has made a technological advancement in its all-solid-state batteries that solves the problem of battery longevity. As a result, Toyota is revising the introduction of its traditional hybrid electric vehicles and quickening the development of its BEV battery.

This would indicate that Toyota’s electric vehicle approach is continuing to change under the leadership of Koji Sato, the new CEO who assumed the position in April. According to Sato’s statement made in February, Toyota will speed up the production of electric vehicles in a different way than in the past, as reported by Nikkei.

Akio Toyoda, Toyota’s former CEO, had faced criticism for Toyota’s cautious strategy towards fully electric vehicles. Toyota top executives have stated that they didn’t expect entirely electric vehicles to be adopted as quickly as rivals believe, citing factors such as barriers and an underdeveloped industry.

According to Toyota, via its website, the components required to create a single long-range, fully electric car battery could as well be utilized to make six batteries for PHEVs or ninety batteries for electric hybrid cars.

During the Kato presentation, the president of BEV Factory stated that Toyota’s goal is to alter the future with battery electric vehicles and that the company is committed to becoming a global leader in EV battery power consumption by using fresh batteries in the future generation of battery electric vehicles.

Toyota now looks set to fully participate in and compete with other electric vehicle manufacturers such as Tesla Inc. and ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO). It is now going to be up to consumers to take their pick from the wide array of EVs available on the market.

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