- Toyota Motor Corp (NYSE:TM) proposed to begin producing mid- to large-sized electric sports utility vehicles (SUVs) at its Kentucky plant by the summer of 2025.
- Toyota eyed monthly output of over 10,000 by the year’s end, Reuters reports.
- The Japanese automobile behemoth considered selling 1 million electric vehicles globally by 2026.
- A Toyota spokesperson told Reuters there was no decision yet on when EV production would start in the U.S.
- In February, Toyota’s new incoming CEO, Koji Sato, said the automaker prepared 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.
- Toyota has held that hybrid vehicles made more sense in markets where the infrastructure for battery-powered cars was still nascent or absent altogether.
- Price Action: TM shares are down by 1.70% at $140.42 on the last check Tuesday.
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