By 2026, Toyota Motor Corp aims to sell 1.5 million electric vehicles annually and has declared its intention to launch 10 new battery-powered models. The company, which is the world's largest automaker by sales, has been criticised for being slow to embrace battery-powered cars. However, Toyota's new leadership team is determined to catch up with rivals such as Tesla and capture fast-growing demand in the EV market. The company has already sold fewer than 25,000 battery-powered models worldwide, but it now aims to expand its line-up in this category in the next few years.

Toyota has recognised the importance of EVs and the fact that they are expected to make up more than half of total worldwide vehicle production by 2030. The company has set a target of selling 1.5 million battery-powered units a year by 2026, which is 25% higher than what was forecasted before the announcement. Toyota's new CEO, Koji Sato, has stated that EVs are just one option for customers, and gasoline-electric hybrids will remain an important pillar. According to him, hybrids may be a more practical option for certain markets and drivers.

In addition, Toyota has declared its intention to establish a specialized division dedicated to the development of next-generation battery electric vehicles.The company intends to expand its manufacturing operations in the United States, as the demand for electric vehicles (EVs) is growing faster than that of the overall automotive market. Toyota's target of selling 1.5 million battery-powered units a year in 2026 is ambitious, but achievable. The outcome will depend on what models Toyota rolls out, and the company is yet to reveal its full line-up.

While Toyota has been slow to embrace battery-powered cars, it has been a leader in gasoline-electric hybrids. The company's pioneering Prius hybrid has been a bestseller since its launch in 1997, and Toyota has sold over 15 million hybrids worldwide. Toyota's success with hybrids has helped it to maintain its position as the world's largest automaker by sales. However, the shift to EVs is gathering momentum, and Toyota needs to catch up with rivals such as Tesla if it wants to remain at the top.

In conclusion, Toyota's announcement to introduce 10 new battery-powered models and target sales of 1.5 million EVs per year by 2026 is a bold move that demonstrates the company's commitment to the EV market. Toyota has been criticised for being slow to embrace battery-powered cars, but it now aims to catch up with rivals such as Tesla. Whether Toyota's ambitious goal will be achieved hinges on the models the company introduces, but with the determination of the new leadership team, the company aims to take a significant innovative leap and maintain its position at the forefront of the automotive industry.