© Reuters. FILE PHOTO: A Toyota emblem is seen throughout the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 5, 2023. REUTERS/David ‘Dee’ Delgado/File Picture
By Daniel Leussink
TOKYO (Reuters) -Toyota Motor mentioned on Monday it could enhance its line-up of battery electrical autos in Europe to 6 fashions by 2026 and it anticipated such autos to make up greater than 20% of latest automobile gross sales within the area by then.
The world’s largest automaker by gross sales mentioned in a press release it anticipated to promote greater than 250,000 battery-powered autos yearly in Europe by 2026, because it seeks steep progress in a market the place it has lengthy been overtaken by rivals.
On prime of a battery EV the corporate is at present promoting in Europe and a compact sports activities utility automobile (SUV) idea it already showcased final 12 months, Toyota (NYSE:) unveiled two new ideas for fashions that it plans to promote within the area later this decade.
One was an idea mannequin for a battery-powered small SUV that it plans to launch in Europe in 2024 and the opposite was an idea for a sports activities crossover mannequin that’s scheduled for introduction in 2025, Toyota mentioned in statements.
Toyota is concentrating on gross sales of 1.5 million battery-powered autos a 12 months globally by 2026.
Gross sales of absolutely electrical vehicles within the European Union (EU) have been up greater than half over the primary 10 months of the 12 months in comparison with the identical interval a 12 months earlier, information from the European Car Producers Affiliation confirmed final month.
Toyota had the fifth-biggest whole auto market share within the EU for the ten months by October, seeing its share decline barely from the earlier 12 months to simply below 7%, the information confirmed.
Battery powered autos accounted for 1% of Toyota’s worldwide gross sales of about 8.5 million autos over the primary 10 months of the 12 months, together with these of its luxurious Lexus model.
Toyota additionally mentioned it could arrange a enterprise unit specializing in hydrogen in Europe because it seeks to commercialise the expertise by creating fuel-cell techniques and supporting industrial partnerships for it.
The announcement got here after Toyota executives mentioned in July the corporate would deal with promoting hydrogen-powered vans and vehicles in Europe and China.
A hydrogen fuel-cell automobile makes use of an electrical motor like an EV however attracts energy from a gasoline stack the place hydrogen is separated by a catalyst to supply electrical energy. Toyota bought about 3,500 fuel-cell autos globally over the January-October interval.