Toyota is aiming for EVs with 1,000 kilometres of driving range

Toyota Motor Corp (LON: TYT) is in focus this morning after the automaker said it will launch a new lineup of fully electric vehicles in 2026.

Toyota established a new EV unit in May

On Tuesday, the Japanese car manufacturer confirmed that the said lineup of EVs will use next generation batteries.

The announced lineup, Toyota added, will be manufactured by the BEV Factory – a new EV unit it established last month. Takero Kato – the President of that unit said in a presentation today:

Toyota expects the BEV Factory to produce about 1.7 million electric vehicles by the end of the current decade. Its shares ended 5.0% up on Tuesday.

Toyota is aiming to commercialise solid-state batteries

Toyota Motor is aiming for about 1,000 kilometres (620 miles) of driving range on these battery electric vehicles and hopes to push it further up to 1,500 kilometres shortly afterwards.  

In comparison, even the long-range variant of Tesla’s Model 3 covers about 570 kilometres on a single charge. By 2026, Toyota wants to be selling 1.5 million EVs annually versus 8,584 it sold worldwide in April.

The Japanese car company also confirmed today that it was working on mass producing solid-state batteries and wants to commercialise them by 2027 or 2028.

Wall Street currently has a consensus “overweight” rating on the automotive stock that is now up more than 20% for the year.