Toyota plans to sell 1.5 million EVs by 2026: Report

Toyota Motor Corp. plans to sell 1.5 million EVs annually and launch 10 new models by 2026, Bloomberg reported.  As per the report, the company's Chief Technology Officer Hiroki Nakajima during a day-long set of technology briefings last week at Toyota’s research facility highlighted that consumers are making the transition to fully electric cars from hybrids are giving the world’s largest automaker a good indication of where the market will be in three years. 

“Development and production will be ready when there’s demand for 1.5 million units,” he said, offering assurance that Toyota will achieve its goal to sell that many battery-electric vehicles by 2026. Simultaneously, the company also plans to launch an electric vehicle powered by an all-solid-state battery as early as 2027 as it seeks to boost its fledging EV business with the next-generation technology that significantly increases the driving range on a single charge.

As per the report, the manufacturer detailed its battery roadmap — including the potential commercialisation of solid-state batteries within a few years — and showed off more advanced vehicle software, more compact e-axles, and more affordable fuel cells.

The automaker aims to roll out at least two new types of batteries within the next few years. One will debut in 2026 with a range of 1,000 kilometres (621 miles), along with improvements in weight reduction and airflow design, while cutting costs by 20 percent compared with the battery in the bZ4X sport utility vehicle. 

The other, a lithium iron phosphate battery slated for 2026 or 2027, will aim to reduce costs by 40 percent compared to what’s in the bZ4X while increasing the range by 20 percent.

A bit further out, the report added, in 2027 or 2028, Toyota aims to start producing vehicles with high-nickel cathodes that will offer even greater range and cost improvements.