Toyota Motor Corp TM proposed to begin producing mid- to large-sized electric sports utility vehicles (SUVs) at its Kentucky plant by the summer of 2025.
Toyota eyed monthly output of over 10,000 by the year’s end, Reuters reports.
The Japanese automobile behemoth considered selling 1 million electric vehicles globally by 2026.
A Toyota spokesperson told Reuters there was no decision yet on when EV production would start in the U.S.
In February, Toyota’s new incoming CEO, Koji Sato, said the automaker prepared to boost its battery-electric portfolio. Sato will take over as the head of Toyota from April 1, 2023.
He stressed that the acceleration of battery-powered electric vehicles would happen by focusing on its Lexus luxury brand.
Toyota has held that hybrid vehicles made more sense in markets where the infrastructure for battery-powered cars was still nascent or absent altogether.
Price Action: TM shares are down by 1.70% at $140.42 on the last check Tuesday.
Toyota eyed monthly output of over 10,000 by the year’s end, Reuters reports.
The Japanese automobile behemoth considered selling 1 million electric vehicles globally by 2026.
A Toyota spokesperson told Reuters there was no decision yet on when EV production would start in the U.S.
In February, Toyota’s new incoming CEO, Koji Sato, said the automaker prepared to boost its battery-electric portfolio. Sato will take over as the head of Toyota from April 1, 2023.
He stressed that the acceleration of battery-powered electric vehicles would happen by focusing on its Lexus luxury brand.
Toyota has held that hybrid vehicles made more sense in markets where the infrastructure for battery-powered cars was still nascent or absent altogether.
Price Action: TM shares are down by 1.70% at $140.42 on the last check Tuesday.
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