Toyota Motor Corporation's newly-appointed president and CEO, Koji Sato, has laid down the new model road map for the brand showing the introduction of 10 new Battery Electric Vehicle models by 2026. The company also announced that it plans to sell 1.5 million EVs by then. 

Along with this initiative, Toyota also plans to start local production of a Battery Electric Vehicle pickup in Asia along with the launching of a compact BEV by the end of 2023. 

In a press conference held April 7th, the carmaker reiterated its stand on a multi-pathway approach to addressing mobility while also asserting that it will fastrack the development of new EV models in three years' time. 

EVs made by a carmaker

In an apparent jab at tech-biased EV makers, Toyota said that it will develop EVs with double the battery range and with a dynamism that "sets hearts racing."

To achieve its EV targets, it intends to reduce the number of processes in car manufacturing by half. "We will completely transform the landscape of our production plants," shared Hiroki Nakajima, Executive Vice President of TMC.

Nakajima also said that Toyota would form a dedicated unit within the company focused on BEV development, production, and business operation. 

PHEVs and FCEVs to stay

Toyota also mentioned it aims to increase the battery-only operation of its Plug-in Hybrid EVs (PHEV) up to 200 kilometers. It is looking at PHEVs as the "practical BEV."

Meanwhile, commercial vehicles, which include medium to heavy-duty trucks, will be the development focus for the company's Fuel Cell EVs.

FCEVs run on hydrogen, and the Japanese carmaker sees this as a more practical application versus battery EVs because of the less space and weight required and faster refueling time for long-haul journeys. 

Toyota has remained adamant on its multi-pathway approach to carbon neutrality as it continues to offer Internal Combustion Engine models to markets that are not ready to make a wholesale switch to EVs. 

Playing catch-up in the BEV race

Toyota's stance on EVs continues to be multi-faceted. This means it will not put all its eggs in the proverbial Battery EV basket. 

Only two new BEV models will be added in the Chinese market by 2024, and this is in stark contrast with local competitor BYD, for example, which has switched its production to full BEV models for domestic and export sales. 

Japanese brands have been lagging behind in EV development to China's top car makers, and it remains to be seen if this latest roadmap will be enough to keep Toyota competitive not only in the largest car market in the world but also in other regions where Chinese and American EVs are starting to set up shop. 

Do you think Toyota will be able to catch up with EV brands over the next three years? Or is it a case of too little, too late?