Japanese automaker Toyota saw a significant surge in its shares, rising by 5% on Tuesday, following the company’s announcement of its plans to introduce a complete lineup of battery electric vehicles (EVs) equipped with “next generation” batteries starting in 2026. These EVs will be developed and manufactured by Toyota’s newly established EV unit called BEV Factory. With an ambitious target of achieving a driving range of 1,000 kilometres (620 miles) for its EVs, Toyota aims to produce approximately 1.7 million vehicles by 2030 through BEV Factory.

Toyota has set substantial goals for its electric vehicle sales, aiming to sell 1.5 million all-electric vehicles annually by 2026 and increase that number to 3.5 million by 2030. Additionally, the company is actively developing all-solid-state batteries for EVs, with plans to commercialize them by 2027-2028. Toyota anticipates a 20% improvement in cruising range compared to current batteries with these new all-solid-state batteries. Furthermore, the company is researching and developing a higher-specification model that targets a 50% increase in cruising range.

This shift in Toyota’s strategy towards electric vehicles suggests a departure from its previous go-slow approach under new CEO Koji Sato, who assumed the position in April. The company’s technological breakthrough in overcoming battery durability challenges in all-solid-state batteries has prompted a review of their use in conventional hybrid electric vehicles (HEVs) and an acceleration of their development for battery electric vehicles.

Toyota’s more aggressive push into the electric vehicle market signifies its determination to become a world leader in EV energy consumption. This strategic shift marks a significant milestone for Toyota and reflects the evolving landscape of the automotive industry as the demand for electric vehicles continues to grow.

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