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How Toyota Plans to Conquer the EV Market?

Automakers have to cope with numerous challenges on a regular basis. Toyota Motor Corp isn’t afraid of challenges. The company is ready to cope with various challenges.

A world-famous carmaker plans to introduce as many as 10 new battery electric vehicle models by 2026, according to a senior executive who is familiar with the topic. The Japanese automaker wants to strengthen its position in the EV market.

The company will establish a new specialized unit. The unit mentioned earlier will focus on battery EVs. According to Hiroki Nakajima, Toyota’s chief technology officer, the company is targeting the annual production of 1.5 million battery-powered cars by 2026.

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Toyota was criticized for its position regarding battery-powered vehicles. According to critics, the company wasted a lot of time. However, Toyota doesn’t agree with critics.

The automaker argues that a mix of options – including gasoline-electric hybrids, is more appropriate for its global customer base.

It won’t be easy for Toyota to compete with Tesla and other rivals. Tesla isn’t afraid of competition. On the contrary, the company has the potential to sell even more cars in the future.

Tesla is quite popular across the world. For example, the company had the two best-selling vehicles in California last year. As you can see, Californians like Tesla.

As a reminder, the company doesn’t break out sales reports by country or state. Nonetheless, people have the opportunity to learn more about its clients. One option is to use data provided by the California New Car Dealers Association.

Toyota and its American rival

As mentioned earlier, Tesla’s model called Model Y has gained popularity among clients. Do you know how many Tesla Model Ys were sold in California ?

In 2022, the company sold 87,257 Model Ys in California. Model Y was a leader in the SUV and truck segment. The second place belongs to Toyota Rav4.

Tesla Model 3 is a very popular car. It is worth mentioning that the Tesla Model 3 led cars with 78,935, dethroning the reigning champion Toyota Camry. As a result, Tesla Model 3 became an undisputed leader. As you can see, Tesla outperformed its rival in both the passenger car and light truck categories.

Let’s not forget that the Tesla Model 3 and Model Y qualify for a $2,000 state tax rebate. What about the plug-in hybrid Toyota Rav4 Prime? It is eligible for $1,000.

In spite of Tesla’s formidable results, the Japanese automaker remained the number one brand with a cumulative 289,304 registrations across all of its models. Tesla secured second place. The company sold 186,711 cars in 2022.

According to a report prepared by Statista, Tesla Model Y was the fourth best-selling vehicle in the world with approximately 760,000 sales, behind the Toyota Corolla, Toyota Rav4, and Ford F-Series.

It won’t be easy to compete with Tesla and other companies. However, Toyota has the chance to sell more battery-powered vehicles in the coming years.

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