TOKYO: On Monday, Toyota Motor announced plans to expand its European battery electric vehicle offerings to six models by 2026, anticipating that these vehicles will constitute over 20% of new car sales in the region by that time.
Toyota, the globe’s leading automaker in terms of sales, has set its sights on a bold and expansive vision for the European market. In a recent statement, the company expressed its anticipation to sell more than 250,000 battery-powered vehicles annually in Europe by 2026. This surge aims to reclaim a substantial position in a market where competitors have long surpassed its presence.
Already equipped with a battery EV available in Europe and having unveiled a compact SUV concept last year, Toyota revealed two innovative concepts for upcoming models slated for release later this decade. The first is a concept model for a battery-powered small SUV, slated for a 2024 launch in Europe. The second is a sports crossover model, anticipated for introduction in 2025, as per Toyota’s announcements.
Looking beyond Europe, Toyota’s global strategy targets an impressive sales figure of 1.5 million battery-powered vehicles annually by 2026, showcasing a firm commitment to electrification on a worldwide scale.
The surge in electric vehicle sales in the European Union over the initial ten months of the year was notable, displaying a more than 50% increase compared to the corresponding period in the previous year, according to data from the European Automobile Manufacturers Association.
Toyota, despite holding the fifth-largest total auto market share in the EU for the same ten-month period through October, experienced a slight decrease in market share, settling just under 7% according to the data. Battery-powered vehicles accounted for merely 1% of Toyota’s global sales of approximately 8.5 million vehicles in the initial ten months of the year, encompassing both its primary brand and the luxury Lexus line.
In addition to its thrust toward electric vehicles, Toyota announced the establishment of a specialized business unit in Europe focusing on hydrogen technology. This unit aims to drive the commercialization of hydrogen by developing fuel-cell systems and fostering strategic partnerships to support its advancement.
This initiative follows Toyota executives’ July announcement, emphasizing the company’s concentration on marketing hydrogen-powered trucks and cars in Europe and China. Distinguishing itself from electric vehicles, a hydrogen fuel-cell vehicle employs an electric motor but draws power from a fuel stack where hydrogen undergoes separation by a catalyst to generate electricity. Toyota reported the global sales of approximately 3,500 fuel-cell vehicles within the January-October timeframe.
Toyota’s multifaceted strategy underscores its dedication to embracing diverse eco-friendly technologies, navigating the evolving automotive landscape while positioning itself as a key player in both electric and hydrogen-powered vehicles.
