Toyota plans to release a low-cost electric vehicle by 2026.

Toyota said this week at its 2023 financial results press conference that it will introduce ten battery electric vehicle (BEV) models by 2026 in the luxury, SUV, compact, sedan, commercial, MPV, and sports categories.

CEO Koji Sato recommended hatchback EVs for ASEAN growing markets. The sedan sector lacked clearly defined photographs, implying that the developing market product is still in the works.

Toyota Vice President Hiroki Nakajima announced the 10-model rollout and the establishment of a new EV manufacturing unit in April. According to Sato’s speech, new platforms, powertrains, and technological equipment will be utilised in the 2026 EV vehicles. By 2026, the Japanese automaker hopes to sell 1.5 million BEVs.

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Toyota stated this week that it will restructure its electric vehicle (EV) business by dissolving its zero-emissions vehicle (ZEV) unit and establishing a BEV factory, a dedicated organisation that will expedite EV development and business growth.

According to the corporation, it intends to introduce a number of environmentally efficient powertrain alternatives. However, EV development will now take precedence.