- 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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