Once criticized for its cautious approach to electric vehicles (EVs), Japanese automotive manufacturer, Toyota has unleashed a wave of cutting-edge innovations to electrify the automobile industry.

In 2022, Toyota sold a remarkable 10.5 million vehicles, solidifying its position as the world's leading automaker for the third consecutive year. But, despite its success in traditional vehicle sales, Toyota has yet to establish a significant presence in the rapidly expanding EV market, missing out on the top 10 EV groups in 2022.

Now, the company is revving up its commitment to a greener future by unveiling a series of game-changing advancements aimed at enhancing the range, performance, and cost-effectiveness of electric vehicles (EVs) and has set a target of selling 1.5 million EVs annually by 2026.

CHART: Global Electric Vehicle Sales Crossed 10 Million in 2022
Global Electric Vehicle (EV) sales crossed the 10 million mark to reach 10.2 million in 2022 as sales in Q4 2022 rose by 53% YoY according to the latest research from Counterpoint. During the quarter, battery EVs (BEV) accounted for almost 72% of all EV sales, while plug-in hybrid

Toyota announcements in its released technology briefing, include advancements in battery technology, such as low-cost solid-state batteries with higher energy density and faster charging capabilities. It aims to introduce vehicles powered by solid-state batteries by 2027 or 2028. Furthermore, the company plans to launch an EV with a driving range of 1,000 km on a single charge and a charge time of 20 minutes or less by 2026.

Additional EV advancement plans in its technology briefing include Giga casting production process to reduce manufacturing complexity and cost (similar to production processes used by Tesla's Giga factories), enhancing the aerodynamics of EVs to increase their range and incorporating technology from suppliers for more efficient EV inverters.

These numbers highlight Toyota's ambitious goals and its commitment to advancing EV technology, improving performance, range, cost, and manufacturing efficiency to meet the growing demand for electric mobility.