The president and CEO of Toyota Motor during his speech pledged to pursue electrification "practically," matching the carmaker's product offerings to the demands of particular regions.
The president and CEO of Toyota Motor during his speech
pledged to pursue electrification "practically," matching the
carmaker's product offerings to the demands of particular regions.
The world's top automaker has been performing unimpressively
in the fast-evolving industry, most notably lagging in sales of electric
vehicles. Nikkei Asia reported that as young rivals like Tesla of the US and
BYD of China threaten to conquer the rapidly expanding market, Toyota's
reshuffled management faces the urgent task of ramping up development in the
field.
Toyota will also create a specialised unit to develop
next-generation EVs, led by one person with "full authority" and in
charge of everything from development and production to business, according to
Vice President Hiroki Nakajima. The leader of the unit has already been decided
and more details will likely be announced in May, he said.
Toyota sold 21,650 battery-powered vehicles in 2022, taking
just a 0.3 per cent share of the market, according to data by S and P Global
Mobility. Nikkei Asia said it is far behind top-seller Tesla's 1.27 million
units and runner-up BYD's 810,600.
Although it aims to sell 3.5 million by 2030, the past year
has been plagued by the recall of its first mass-produced battery-powered
model, the bz4X.
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