Toyota Announces Plan to Expand Line-Up of Electric Vehicles in Europe by 2026
In an effort to keep up with competitors, Toyota Motor announced on Monday its plan to increase its line-up of battery electric vehicles in Europe to six models by 2026. The world’s largest automaker expects that more than 20% of new car sales in the region will be battery electric vehicles by then.
In a statement, Toyota said it anticipates selling over 250,000 battery-powered vehicles annually in Europe by 2026, as it seeks to solidify its presence in a market where it has been overshadowed by rivals. The move comes as part of the company’s broader strategy to capitalize on the growing demand for electric vehicles in the region.
Toyota is currently selling a battery EV in Europe and also revealed a compact sports utility vehicle (SUV) concept last year. In addition, the company unveiled two new concepts for models that it plans to introduce in Europe later this decade. One of the concepts is for a battery-powered small SUV set to launch in 2024, while the other is for a sports crossover model scheduled for introduction in 2025.
By 2026, Toyota aims to sell 1.5 million battery-powered vehicles annually worldwide. The company’s aggressive target aligns with the increasing adoption of electric vehicles globally, particularly in the European Union where sales of fully electric cars were up more than half in the first 10 months of the year compared to the same period a year earlier, according to data from the European Automobile Manufacturers Association.
Despite the growing market for electric vehicles, Toyota had the fifth-biggest total auto market share in the EU for the 10 months through October, with its share declining slightly from the previous year to just under 7%, as per the data. The company’s move to expand its line-up of electric vehicles in Europe is part of its efforts to gain a stronger foothold in the region and capture a larger share of the market.
With the announcement of its ambitious plan to introduce six battery electric vehicles in Europe by 2026, Toyota is making a bold statement about its commitment to electric mobility. This strategic move is likely to position the company as a key player in the growing electric vehicle market, not just in Europe, but globally as well. As other automakers embrace the shift towards electric mobility, Toyota’s aggressive expansion plan demonstrates its determination to stay at the forefront of the evolving automotive industry.
