Toyota Plans To Boost Battery-Electric Offerings, Says New CEO: Report

Toyota Motor Corp's TM new incoming Chief Executive Officer, Koji Sato, said the automaker is gearing up 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, Reuters reported.
The incoming CEO's remark gains traction as the company has been criticized for a slow adoption to battery-powered electric vehicles.
Toyota has held the stand that hybrid vehicles made more sense in markets where the infrastructure for battery powered vehicles was still in the nascent stage or absent completely.
"This is not a fast pivot towards battery EVs," said Sato.
"To the point that we have been slow at battery EV projects, I think around half of it is a communication issue."
Toyota would also continue to focus on pursuing several different technologies in its drive toward carbon-neutral vehicles.
Also Read: Toyota Motor Clocks 25% Top-Line Growth In Q3
Price Action: TM shares closed lower by 0.97% at $143.42 on Friday.
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