Toyota to unveil two new EVs for U.S. market that will go on sale in 2022 (updated)

Evs SA

10/02/2021 19:18

(Adds Toyota stock price, more details)
    By David Shepardson
    WASHINGTON, Feb 10 (Reuters) - Toyota Motor Corp  7203.T 
said on Wednesday it will unveil two new electric vehicles that
will go on sale next year in the United States amid a growing
push by the Biden administration to cut vehicle emissions,
sending the Japanese automaker's shares soaring.
    The company also said it expects that 40% of its U.S. sales
by 2025 will be hybrid vehicles or electric vehicles, rising to
70% by 2030. One of the new EVs next year will be a
sport-utility vehicle and Toyota will also unveil a new plug-in
hybrid electric vehicle. Toyota said in 2017 it would market
more than 10 electric vehicles globally in the early 2020s.
    The new vehicles for the U.S. market are "the first of
many," Bob Carter, executive vice president of sales for Toyota
Motor North America.
    "Electrification is the future of this industry. There is no
doubt about that," Carter said. "The only debate we have is that
rate of change."
    Toyota forecasts by 2025 that industry sales will be 7%
electric vehicles rising to around 15% to 18% in 2030.
    In 2020, Toyota sold 337,000 hybrid vehicles in the United
States, accounting for 16% of U.S. sales, and hybrids will grow
to more than 20% this year as it adds more hybrid versions.
    Toyota shares rose more than 5% on the news in New York
trading.
    There is growing interest in EVs in the industry.
    General Motors  GM.N  said last month it was setting an
aspirational goal to sell all its new cars, SUVs and light
pickup trucks with zero tailpipe emissions by 2035, a dramatic
shift.
    Barra on an earnings call Wednesday expressed optimism about
the 2035 goal.
    "There's not one big factor that's going to hold us up. We
have all the assets to achieve this. We've got to solve issues
and win customers, but I think we're well positioned to do
that," Barra said.

 (Reporting by David Shepardson
Editing by Alistair Bell)
 ((David.Shepardson@thomsonreuters.com; 2028988324;))