Toyota's Shifting Gears: Revising EV Sales Projections while Revving Up Profits

In a noteworthy development, Toyota Motor Corp has announced a revision of its electric vehicle (EV) sales projections for the current fiscal year. Initially targeting the sale of 202,000 EVs, the automotive juggernaut now anticipates selling 39% fewer units, with the adjusted figure set at 123,000.

Toyota, currently the world's third-largest automaker, is known for its prowess in internal combustion engine (ICE) and hybrid powertrains, rather than EVs. Despite this, the Japanese automotive giant is poised to achieve record-breaking profits by the fiscal year's end. Their latest financial report reveals a substantial boost in profit predictions, surging from 3 trillion yen ($20.1 billion) to 4.5 trillion yen ($30.1 billion).

The reports also indicate that Toyota has ambitious plans to sell 3.6 million traditional hybrid vehicles globally this fiscal year. Furthermore, their total electrified vehicle sales, encompassing EVs, hybrids, plug-in hybrids, and hydrogen fuel cell electric vehicles (FCEVs), are expected to soar to 3.9 million units, marking a remarkable 42% increase compared to the previous year. These electrified vehicles are projected to constitute 37% of Toyota's total sales.

Looking ahead, Toyota and Lexus combined aim to manufacture an unprecedented 10.1 million vehicles by the close of this fiscal year. Toyota has an impressive roadmap ahead, with plans to introduce 10 new EVs by 2026, a number of which may harness the potential of solid-state batteries, offering an astonishing range of over 1,000 kilometers on a full charge. Toyota's journey promises innovation and growth in an ever-evolving automotive landscape.