Toyota's new leadership accelerates electric vehicle development, global sales target 1.5 million vehicles

News on June 1, Toyota recently announced that it will increase investment in the TBMNC battery factory under construction to meet the growing demand for electric vehicles in the US market. Toyota has made two additional investments in the plant, with the total investment expected to reach US$5.9 billion.

Although Toyota is one of the world's largest automakers, its development in the field of electric vehicles is considered lagging behind by the industry. According to statistics, in 2022, Toyota's global sales of electric vehicles will be only 24,000. However, Toyota's new leadership announced in April this year an accelerated electric vehicle development strategy, planning to increase Toyota's global sales of electric vehicles to 1.5 million vehicles per year by 2026.

#To achieve this goal, Toyota believes it needs to expand sales as pure electric vehicles enter the U.S. market and gain popularity. The U.S. government provides preferential policies for locally produced pure electric vehicles. Under the Inflation Reduction Act, only pure electric vehicles assembled in the United States, Canada and Mexico are eligible for subsidies. In addition, to meet subsidy requirements, automakers must produce a certain percentage of vehicle batteries in North America.

According to the editor’s understanding, in the U.S. market, pure electric vehicles priced at around US$30,000 to US$50,000 have a large sales volume. For automobile manufacturers, whether they can obtain government subsidies is directly related to their price competitiveness. Therefore, major companies have increased investment in pure electric vehicle vehicle factories and battery factories. The Volkswagen Group will start producing pure electric vehicles at its factory in Tennessee in the southern United States as early as 2022, and South Korea's Hyundai Motor Group has also started some production.

In order to consolidate the production base of pure electric vehicles in the US market, Toyota has decided to make additional investment in the TBMNC battery factory under construction. As the scale of investment expands, Toyota is expected to accelerate the production and sales of electric vehicles to cope with growing U.S. market demand. This is also a move by Toyota to actively respond to the global development trend of electric vehicles, aiming to compete fiercely with other competitors, compete for market share and achieve the goal of sustainable development.

Overall, Toyota’s increased investment in the TBMNC battery factory will further promote the development of the pure electric vehicle industry in the United States and is expected to provide strong support for Toyota to win more market share. This encourages electric vehicle consumers in the U.S. market to have more choices, while also promoting innovation and progress in the entire industry. With the rapid development of the global electric vehicle market, competition among major automakers in the field of electrification will become increasingly fierce. I believe Toyota's investment will achieve positive results in the future.

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