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Toyota accelerates electric ambitions in Europe with six new models by 2026
Industry News- Dec 06,23
Toyota aims to sell more than 250,000 battery-powered vehicles annually in Europe by 2026, striving for significant growth in a market where it has faced increasing competition.
Toyota Motor announced plans to expand its range of battery electric vehicles (BEVs) in Europe, targeting a lineup of six models by 2026. The company anticipates that these BEVs will constitute over 20% of new car sales in the region by that year. As the world's leading automaker in terms of sales, Toyota aims to sell more than 250,000 battery-powered vehicles annually in Europe by 2026, striving for significant growth in a market where it has faced increasing competition.
In addition to the current battery EV available in Europe and a compact sports utility vehicle (SUV) concept revealed last year, Toyota introduced two new concept models slated for release later this decade. One is a concept for a battery-powered small SUV scheduled to hit the European market in 2024, while the other is a sports crossover model set for introduction in 2025, according to statements from Toyota.
With a global target of 1.5 million annual sales of battery-powered vehicles by 2026, Toyota is taking strategic steps to adapt to the evolving automotive landscape. The European Union (EU) has seen a notable surge in fully electric car sales, increasing by more than half in the first 10 months of the year compared to the same period in the previous year, as reported by the European Automobile Manufacturers Association. Despite facing intensified competition, Toyota maintained the fifth-largest total auto market share in the EU, slightly declining to just fewer than 7% for the 10 months through October, according to recent data.
Source: Business Today
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