- Toyota Motor Corp TM The new chief executive officer, Koji Sato, said the automaker is preparing to expand its battery-electric portfolio. Sato takes over the leadership by Toyota from April 1, 2023.
- He stressed that accelerating battery electric vehicles would come from focusing on the luxury brand Lexus. Reuters reported.
- The new CEO’s remark gains momentum as the company has been criticized for slow adoption of battery electric vehicles.
- Toyota has argued that hybrid vehicles make more sense in markets where the infrastructure for battery-powered vehicles is in its infancy or absent altogether.
- “This is not a quick swing toward battery-powered electric vehicles,” Sato said.
- “To the point where we’ve been slow on battery EV projects, I think about half of that is a communication issue.”
- Toyota would also continue to focus on pursuing several different technologies in its quest for zero-carbon vehicles.
- also read: Toyota Motor posts 25% sales growth in Q3
- price action: TM shares closed down 0.97% at $143.42 on Friday.
- Photo via company
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