- Toyota shares rose 5.7% on Tuesday after the automaker announced new electric vehicle plans.
- The company aims to sell 1.5 million electric vehicles a year from by 2026 and 3.5 million by 2030.
- Toyota has announced new solid-state batteries that will increase range and reduce charging time.
Shares of Toyota Motor Corporation (TM) jumped on Tuesday after the automaker announced plans to expand its electric vehicle (EV) offering.
The company said it would be introducing a whole range of electric vehicles powered by what it calls “next generation” batteries from 2026. Toyota said the electric vehicles would be developed and built by its new unit. of electric vehicles called BEV Factory, which started last month.
Toyota aims to sell 1.5 million electric vehicles per year by 2026 and 3.5 million per year by 2030.
Takero Kato, CEO of BEV Factory, said the automaker wants to offer electric vehicles with a range of more than 600 miles, well above current models on the market. This would be achieved by its new solid-state batteries, which could also be charged in as little as 10 minutes.
Toyota, which produced the first mass-produced hybrid when it launched the Prius in 1997, has been slow to embrace the all-electric vehicle lineup. However, newly appointed CEO Koji Sato has made the first EV model a priority.
Kato noted that buyers carmakers should expect the pace of new vehicle launches to pick up in the months and years ahead, and said the company's sales targets are achievable.
Toyota Stock climbed 5.7% after news hit its highest level this year.
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